Vertu Suites - HRM takes tax hit

[Colin May]

Earlier this week Vertu Suites and the commercial property at 1530 Birmingham Street was sold for $22.55 million. The property includes Pete's Frootique.
The assessed value is $32,601,800 and the sale at a substantial discount may result in a $10,000,000 reduction in the total assessment and a drop in taxes starting in the 2017/18 tax year. Preliminary property assessment for 2017: $34,010,900
The sale closed on November 14 2016.

[fenwick16]

Originally Posted by Colin May

Earlier this week Vertu Suites and the commercial property at 1530 Birmingham Street was sold for $22.55 million. The property includes Pete's Frootique.
The assessed value is $32,601,800 and the sale at a substantial discount may result in a $10,000,000 reduction in the total assessment and a drop in taxes starting in the 2017/18 tax year. Preliminary property assessment for 2017: $34,010,900
The sale closed on November 14 2016.

Does the assessed value include the entire block including the apartment building and retail? Here is a link to Bing Maps - https://www.bing.com/mapspreview?&ty...ifax&FORM=MIRE

[Keith P.]

Originally Posted by fenwick16

Does the assessed value include the entire block including the apartment building and retail? Here is a link to Bing Maps - https://www.bing.com/mapspreview?&ty...ifax&FORM=MIRE

That is an odd map and I guess demonstrates why I never use Bing. For example it shows a Home Hardware Building Center on Dresden Row near Brenton. Other things seem off as well.

Back to Colin's post, PVSC usually values properties like Vertu according to an income approach. Either they had revenue bad data or a bad formula.

[Colin May]

Originally Posted by fenwick16

Does the assessed value include the entire block including the apartment building and retail? Here is a link to Bing Maps - https://www.bing.com/mapspreview?&ty...ifax&FORM=MIRE

Go to pvsc : http://www.pvsc.ca/en/home/default.aspx then 'Find assessment' then 'Search by Address', tick box at the bottom to agree to the rules and then search using 1530 Birmingham Street, Halifax
The result has no distinction for the parcel, it appears to be all one property.
The assessment is usually based on income. The reason for the sale and the purchaser is not yet known and the significant difference between selling price and assessed value piqued my interest.