The establishment of a Fair Market Value

Topic

The establishment of a Fair Market Value

Case number

• 2016-047 (F&R date: 2016-04-27)

Description

On the parking situation at Canadian Forces Base (CFB) Halifax, the Committee noted that the Final Authority (FA) had determined, in a previous case, that the professional appraisal of the Fair Market Value (FMV) of parking at CFB Halifax did not use the full criteria in their determination. The FA therefore directed that a new study be conducted. In noting that the new study ordered by the FA would be prospective in nature and would not address the FMV charged as a result of the deficient study, the Committee concluded that another study would be required to determine the FMV that should have been applicable in the past.

Recommendation

The Committee recommended that a new parking study be conducted to determine the FMV of parking at CFB Halifax over the period where the parking charges were based on the study found flawed by the FA.