Assessor Neysa Fligor announced that Santa Clara County’s property tax base has grown, surpassing three-quarters of a trillion dollars in assessed values. While this growth rate was lower than in most of the past decade, it slightly exceeded the rate of the prior year. The Assessor highlighted residential property sales as the primary driver of this increase, contributing significantly to the funding of state and local government services, schools, and special assessment districts.
Residential reassessments following property sales accounted for 49% of the county’s total value growth. This contribution outpaced other factors, including commercial properties, new construction, and inflation adjustments under Prop 13. Fligor stated, "Changes of ownership for residential properties continue to be the strongest contributor to growth in value." The number of residential transactions remained steady, accompanied by a slight increase in median sales prices across the county. This trend underscores the role of home sales in the overall increase in property values.
Across Santa Clara County, the average growth rate for assessed property values was 4.74%. Several largely residential communities saw higher growth rates, leading the increase in residential tax revenue. Los Altos added 6.4% to its values, while Los Altos Hills and Monte Sereno each registered a 5.7% increase. Morgan Hill, also largely residential, grew at 5.6%. Sunnyvale reported the highest overall blended growth rate at 7.2%, primarily driven by commercial property assessments, though Los Altos showed the strongest performance within the residential markets.
San Jose’s assessed values grew at 4.5%, a rate slightly below the countywide average. However, at $280 billion, San Jose’s property tax base contributed more than a third of the county’s total assessed value, demonstrating its substantial impact on the county’s overall financial health. The Assessor also briefly noted that investments in data centers contributed to property taxes both directly and indirectly, through supporting industries and increased residential values in their vicinity.
Assessor Fligor delivered her annual message at an event held at San Pedro Square’s Blanco event space. This event marked a first for the Assessor’s office as Fligor approaches her one-year anniversary in the role. Former Assessor Larry Stone, who served three decades and chose not to seek an eighth term, also spoke, addressing the transition of leadership. Other public officials attended and delivered remarks, including Santa Clara County Board of Supervisors chair Otto Lee and San Jose District 3 Councilman Anthony Tordillos. The discussions centered on the continued growth and financial landscape of the county’s real estate assets and their importance to local services.
