As the residential real estate market cooled and the commercial sector heated up, the total assessed value of property in Santa Clara County grew 8.25 percent last year, to a record $283.51 billion, county assessor Larry Stone said today.
Despite the overall growth in assessed value, there is a steep increase in the number of homeowners who will receive property tax breaks this year because their real estate values as of Jan. 1, 2007, fell below the “base-year value” upon which their past taxes were calculated. The base-year value is typically the market value of the home when it was purchased, plus annual increases of no more than 2 percent annually, as mandated by California law.
The total value taken off the assessment roll this year because of Prop. 8 reductions is $4.94 billion, Stone said in a press release announcing the final assessment “roll” for the 2007-2008 tax year.
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