The taxable value of one of the Strip District’s newest and most highly occupied office buildings has fallen by more than 60% — a dramatic change that could cost the city, county and school district dearly, and lead to even more reductions, experts said Tuesday.

The Allegheny County Board of Property Assessment Appeals and Review has approved major cuts to the taxable value of the Vision on 15th, an office building on Smallman St. opened in 2022, after property owner NAI Burns Scalo appealed the property’s assessment twice. The real estate firm leases and operates the property.

The changes bring the property’s new assessment from around $61 million to nearly $22 million for 2025, a steep cut that experts say could spur another wave of appeals — and reductions — as pressure on the city of

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