Santa Clara County Now Holds $419B Worth Of Property
Santa Clara County's valuation of all real estate in the county hit a high of $419B in 2016. Growth in Mountain View, Cupertino and Santa Clara contributed to a $30.9B increase from last year’s assessment.
Assessor Lawrence Stone noted the gains this year definitively erased the lows seen during and immediately following the last recession, according to the Silicon Valley Business Journal.
Of this year's gain, $16.6B was due to increased values where ownership changed hands, while $6.9B can be attributed to new construction. Apple’s new campus was a large contributor, adding $1.6B to the assessment total.
Growth was strongest in Mountain View, Cupertino, Santa Clara and Sunnyvale. Those four cities saw an average increase in rolls of 11%.
County assessments are closely watched since the figures determine the property tax bills companies and individuals need to pay. [SVBJ]