A new property valuation record has been established for Santa Clara County. The official gross assessed value for all property in the county is $409 billion. After you take away tax exempt properties such as colleges and churches, the net number becomes $388 billion. This is a 8.67% increase over last year and the largest growth in 10 years.
While it is pretty clear property values are increasing across the board, there are two individual contributors that made a large impact this year. Levi's Stadium was valued at $1.4 billion and Apple's Spaceship Campus was valued at $820 million (even in its current under-construction state).
The increased valuation should mean more revenue for Santa Clara County to provide civic services. Several county projects to address homelessness were attributed to substantially decreasing the homeless population over the last two years. Increased revenue could lead to more funding for projects like those.