Property values in Santa Clara County soared at their fastest pace in six years.
SAN JOSE — Property values in Santa Clara County soared at their fastest pace in six years during 2022, a hint that the area’s remarkable real estate market has yet to suffer long-term economic maladies from the coronavirus.
The value of the county’s property tax roll increased by 7.5% in 2022 compared with 2021, according to the county agency. In 2021, Santa Clara County properties boasted a combined assessed value of $576.9 billion. Despite the sturdy increase to a record-setting pace, headwinds have emerged that are likely to hobble the South Bay’s property markets, Santa Clara County Assessor Larry Stone warned.“While residential property values have stabilized recently, high mortgage interest rates and inflation have reduced consumer buying power,” Stone said in a prepared release.
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