SAN JOSE (KCBS) – 128,000 homeowners in the South Bay will soon see increases on future property tax bills.

“Almost all properties are increasing in value,” pointed out Santa Clara County Assessor Larry Stone.

“This is not bad news, it’s good news because for every $1 that they pay in additional property taxes because of the increase, they’re gaining $99 in restored equity that they lost during the recession,” he pointed out.

“In some cases property owners will be receiving double digit increases in their assessed value,” warned Stone.

Homeowners will first receive a notice, alerting them that the higher property tax bills will be coming.

The higher bills will only be sent to homeowners who applied to have their taxes reduced during the recession. If they didn’t request a reassessment during the downturn in the economy, under state law, the increase can be no more than 2% annually.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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