Record number of property value reductions in county

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.


Like this comment
Posted by Garibaldi
a resident of Castro City
on May 20, 2010 at 2:18 pm

I smell revolution or even civil war breaking out.

Like this comment
Posted by commonman
a resident of Whisman Station
on May 20, 2010 at 3:09 pm

"Record number of property value reductions in county ", except Mountain View,Palo Alo,Los Altos. I am noticing prices are edging up faster and steeper in Mountain View,PA and LA in the last 2 months. SKyrocketing stockprices n high tech stocks are once again the culprits behind this wave of greed and overbidding.

Like this comment
Posted by mt view homeowner
a resident of Rex Manor
on May 20, 2010 at 3:12 pm

thank god values are holding steady. i bought a house in 04 because i did not see that the situation was going to get any better in terms of affordable housing. Ive held on to my house in spite of going through two layoffs and mounting personal debt.

The news that this mt view is holding steady will mean that i too wont be jumping in front of a high speed train!

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