By Brittney Sherman
The 2025–2026 Santa Clara County Assessor’s Annual Report provides an overview of how property values and local economic activity shaped the county’s property tax base. The total net assessed value of all taxable property reached a record $725.7 billion, a 4.15% increase over the prior year, though the slowest growth rate in a decade. The report highlights the continued strength of the residential real estate market and a notable slowdown in commercial property recovery. Residential properties accounted for most of the growth in both ownership changes and new construction with major contributions from multifamily housing, while commercial and office properties saw rising vacancy rates and declines in value.
The report also marks a leadership transition, with Greg Monteverde succeeding longtime Assessor Lawrence E. Stone. Monteverde highlights ongoing efforts to modernize operations and maintain transparency. Despite slower growth, the office upheld over 90% customer satisfaction and continues ensuring fair, accurate assessments that fund essential local services.
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