Property Tax Relief Anticipated; Taxpayers urged to wait until review completed
County Assessor Larry Stone released today the 2008 Assessor's Annual Report. The report summarizes important assessment information for policy makers, finance directors of public agencies, leaders in the real estate and business community, members of the media and property owners. “The data in the annual report confirms that Silicon Valley is not immune to the downturn in the national conomy. The major difference is the severity of the impact. The reports provides not only the assessment growth in Santa Clara County, which is 6.98 percent, but also compares it to other local counties, several of which experienced “negative” growth,” said Assessor Larry Stone.
On July 1 the Assessor’s Office delivered to the Santa Clara County Finance Agency Director and the Tax Collector the completed annual assessment roll which is a snap shot of all assessed values as of the lien (valuation) date, January 1, 2008. The total, net assessed value of all real and business property grew by $19 billion to $303 billion, an increase of 6.98 percent over the prior year. Palo Alto and Cupertino experienced the largest growth in assessed value, 11 percent and 10 percent respectively. In contrast, Morgan Hill and the unincorporated portions of Santa Clara County experienced the lowest at 4 percent each
