Pittsburgh Office Assessment Reductions Reach $410M

In the latest round of property tax assessment appeal decisions approved by Allegheny County, four additional properties within Pittsburgh’s Golden Triangle saw reductions totaling $55.1 million. These assessment reductions contribute to a cumulative decrease of $410 million in the assessed value of the city’s central business district properties over the past few months.

EQT Plaza stands out among the notable reductions, experiencing a significant adjustment as its assessed value plummeted by more than half from $79 million to $31 million for the year 2023. 

These substantial changes in property tax assessments stem from a combination of factors. The shift towards remote and hybrid work arrangements has obviously impacted office demand, leading to sharply decreased market values for commercial properties in major business districts across the US.

Recent adjustments to the common level ratio (CLR), set by the Pennsylvania State Tax Equalization Board, have further influenced assessment values. In 2022, a judge ordered the CLR to be lowered from 87.5% to 63.5%. This year, the ratio has dropped further, to 54.5%.

Additional reductions are anticipated in Allegheny County. If your office property is not yet under appeal, contact us to learn more about the potential savings to which you may be entitled. 

Read the full details of this story at the Pittsburgh Post-Gazette.