We recently had a significant victory in a large tax appeal case in Allegheny County, PA. The property included 2 office buildings that were being transitioned from a single tenant to a multi-tenant property. There were 2 years under appeal and, prior to our challenge, the assessed fair market value was $49 million. Our appraised values were $16.7 million and $21 million. The taxing authority's appraised values were $20 million and $30.9 million. I attempted to settle the case, but the taxing authorities were not interested in a reasonable resolution. It went to a full hearing and the award was for our exact values. The taxing authorities did not appeal the decision.
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