SAN JOSE (KCBS) – Silicon Valley’s building boom has pushed assessed property values in Santa Clara County into the stratosphere. Much of the value is in new tech campuses, like the yet to be completed Apple “Spaceship” campus.
Construction crews are just about everywhere in the county, building everything from apartment high-rises to office buildings. The construction is all being closely monitored by the county Assessor’s Office.
“New construction means a whole new assessment, except for the land, of course,” Santa Clara County Assessor Larry Stone told KCBS.
Stone said new buildings added $6.9 billion to the assessment roll last year, most notably the Apple Spaceship, which is still under construction.
“Apple campus, when it’s all done, should be (valued) around $5 billion,” Stone said.
In all, property values in the county jumped 7.9 percent in 2015 to $419 billion. Stone said that all but erases the losses felt during the Great Recession.
“We have cycles in Silicon Valley. And those cycles are very steep, going up and going down, and very fast,” said Stone. “So look out, there will be adjustments, hopefully not as bad as the Great Recession beginning in 2009.”