The Santa Clara County Assessor's Office today announced $21.4 billion in property value reductions on approximately 118,000 properties in the county.
The figures, based on an initial analysis of the assessment roll by the assessor's office, represent a record number of reductions. The numbers won't be final until the roll is completed on July 1.
The decrease in assessed values means a further hit to already cash-strapped schools as they see their revenue from property taxes drop.
Assessor Larry Stone said the number of reductions in assessed value will likely greatly exceed the number of increases.
"The last 36 months is by far the worst economy I've experienced in the 45 years since I left graduate school for Wall Street," Stone said in a statement.
The reduction in assessed values is $4 billion greater than last year, Stone said.