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Growth in assessed property value for Santa Clara County was at its lowest point since 2012 over the past year. Growth across the county was approximately 4.15%, but several cities were quite a bit lower. Mountain View’s growth was at the bottom, as the city saw only a 0.51% increase in assessed value. Morgan Hill saw the highest growth with a little over 6.5% increase over the past year.
Overall, the cities that underperformed were Mountain View, Milpitas, Sunnyvale, Cupertino, and San Jose, all of them with less than 4% growth. The Santa Clara County Assessor’s Office noted that it largely seems that cities with relatively more commercial space are seeing this slowdown. Now-retired Assessor Larry Stone noted that commercial space has had vacancy rates of over 20% over the last two years and that in 2024 there were over 150,000 layoffs in the tech sector.
The Assessor’s Report also blames Proposition 13 for limited assessed value growth in the residential sector. However, the report also indicates that new construction was down 34% over the prior year. Additionally, the report notes residential values are not a significant portion of assessed value in cities seeing slow growth. In Mountain View, 98% of the assessed value is from commercial properties.
Source: Palo Alto Online
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