Park Place Mall

• Location: Lethbridge, AB
• Type of Project: Retail
• Service Type: Property Tax Services

Original assessment: $131,218,000
Revised assessment: $105,299,000
Tax savings: $496,154

The major components to the assessment that required adjustment were the vacated former Sears premises, the large box stores, and the movie theatre that was severely impacted by mandates Covid closures. The traditional inputs of the income approach would not reflect the value of the former Sears and a shell space value was established. The theatre valuation was adjusted by 50% to reflect the value loss during the pandemic.