A thriving economy in Santa Clara County, California has lead to the highest property value growth in the state. According to San Jose Mercury News, California’s State Board of Equalization announced Monday that Santa Clara County’s 8.3 percent growth in assessed residential and commercial property values for 2013-14 is the highest in the state. It all happened in just the last 18 to 24 months, too. In June, the assessed values in the county had grown by nearly $26 billion over the previous year — from $308.8 billion in 2012 to $334.6 billion. That marked the second-highest dollar increase in county history, and all 15 cities in the county recorded increases of assessed value growth above 6 percent.
Job growth has been the main source behind the recovery seen throughout the county. Office buildings are no longer sitting vacant, and there continues to be more and more new building projects. In addition, over the past 18 months, 8,000 apartment units have been completed or currently are under construction in San Jose alone. There are another 5,000 recently completed units in the county built outside the city limits. Things are looking positive for California’s recovery from the recession. Property assessments throughout the state had grown to more than $4.6 trillion, an increase of 4.3 percent over the previous year. It marked the third consecutive year that the statewide value of property assessed by the county governments and the state had risen.
For the full article from the San Jose Mercury News, click here.