Santa Clara property assessments level off - Silicon Valley / San Jose Business Journal:

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During the previous three years, growtjh in assessed value growth tapered off from 9 percent in to 8.25 percent in 2007 and 7 percent last The 2008 increase is the smallest since Propositioj 13 property tax limits passed in 1978. "Tolo put this in perspective, the assessmenty roll grew by nearly $20 billion last year. In the apex of the dot-com boom, the assessment roll grew $27 said Stone. Sgtone reported that despits the overall flat growth in the there were significant geographic differences ranginh from a highof 6.22 percent growth in Mountain View and 4.75 perceny in Sunnyvale to a low of a 9.48 percengt decline in Gilroy and 4.
73 percent declins in the unincorporated portions of the "That’s a spread of 16 It underscores the geographic variance in property and reflects the housing boom and said Stone, adding that the communitiexs with the most newly constructed, entry-level housinhg suffered the greatest impact. In more established communities likePalo Alto, Los Cupertino, Saratoga and Los Gatos had proportionatelyg fewer properties in decline. “Next year may be since most of the declines this year are attributeed to the softresidential market,” Stone said. “The steepest decline in commercial property values is aheaedof us.
” The assessor said that his appraisal staff reduce the assessed value on 90,000 homes. The averag reduction for each residential property isnearlyu $170,000 causing a whopping $17.4 billion reductiob in the county’s assessment roll.