The total assessed value of property in Santa Clara County reached a record $760.1 billion for the 2026-27 fiscal year, up $34.4 billion, or 4.7%, from last year, San José Spotlight reported from the Assessor's Office annual report. Growth in 2025 was just over 4%.

What drove it

  • Sales and ownership changes: nearly $16.9 billion of the growth.
  • Prop. 13 inflation adjustment: $13.1 billion.
  • New construction: nearly $5 billion, including apartments, offices and data centers.
  • Residential properties made up 82% of the value change.

Commercial weak spot

The number of commercial properties getting assessment reductions rose 36%, and the value of those cuts rose 24%, according to the report.

"The cost of money (mortgage rates) will be significant, potentially restricting sales transactions, which is the biggest driver of roll growth," Assessor Neysa Fligor told San José Spotlight.

Sunnyvale had the fastest roll growth of any city in the county at 7.17%, The Silicon Valley Voice reported from the assessor's figures. The roll total was first released in July; the annual report adds the breakdown.