On April 25, 2012. the Pennsylvania Supreme Court issued a long awaited decision in Tech One Associates v. Board of Property Assessments of Allegheny County, et al. 2012 WL 1547269 (Pa.)
This case changes the way leased property is valued for tax assessment purposes. This decision means, in practical terms, that Pennsylvania will no longer value a property artificially low or artificially high due to some special financing arrangement. By valuing both the landlord’s and tenant’s positions based on the fair rental value, this case has broad implications for commercial tax assessment appeals.