"In all instances, the reported shifts in assessed value reflected a change in ownership. Single-family home values rose by $13.93 billion. Industrial and manufacturing assessed values rose by $989.4 million. Apartment property values increased by $576.9 million. Agricultural real estate values rose by $481.1 million. Retail building values increased by $247.1 million. For all property categories in Santa Clara County, assessed values due to ownership changes rose $16.11 billion in 2024."
"With a decline of $183.9 million, Mountain View experienced the biggest drop in office building values. One of the major factors was a deed in lieu of foreclosure that spawned a plunge of $52.7 million in the value of an office campus at 350 and 380 Ellis St. The tech industry provided a major propellant for assessed values due to at least one transaction."
Office property values in the South Bay plunged by $108 million in 2024 due to changes in ownership. Single-family home values rose by $13.93 billion. Industrial and manufacturing assessed values rose by $989.4 million. Apartment property values increased by $576.9 million. Agricultural real estate values rose by $481.1 million. Retail building values increased by $247.1 million. For all property categories in Santa Clara County, assessed values due to ownership changes rose $16.11 billion in 2024. Mountain View recorded the largest office-building decline at $183.9 million, driven in part by a $52.7 million drop at an office campus on Ellis Street. Fortinet's January 2024 $192 million purchase of a tech campus boosted that property's assessed value by $132.3 million.
Read at www.mercurynews.com
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