Almost half a million assessment notices went out to Santa Clara County property owners today, and following three years of minimal or negative growth in assessed property values, the county reports its first solid increase since 2008.
Overall, total net assessed value of all real business and personal property values increased by 3.25 percent to $308.8 billion.
Santa Clara County Assessor Larry Stone said in a news release that the graph of the county’s growth looks like a check mark, a decline followed by a dramatic upslope, instead of the normal economic curves.
The growth is due to a combination of factors, including changes in ownership, exemptions, reductions when market values fall below the assessed values (Prop 8), new construction and the California Consumer Price Index. This growth was also driven by improvements in the commercial and industrial sector and a modest increase in property values.
However, not all areas of the county experienced the same growth. Mountain View and Cupertino grew 6.6 percent and 6.3 percent, while Gilroy declined .4 percent. San Jose saw a modest increase of 1.36 percent. There were 476,000 assessments sent out in total.
These assessed values are used to create the annual property tax bills that owners will receive in September. Money generated through property tax is used to support public schools and local governments.
Click to see the Santa Clara County Property Value Report for 2012.