Property values in Gilroy grew at a rate near the county’s average in 2020, rising by 4.45% to $10,265,011,012, according to the 2021-22 Assessor’s Annual Report released by Santa Clara County Tax Assessor Larry Stone’s office on Dec. 13.
Morgan Hill, meanwhile, grew at the second highest rate in the county at 5.63% to $11,480,439,666.
The 2021-22 Santa Clara County assessment roll, including all real and business property, grew by $25.4 billion to a record $576.9 billion, a 4.6 percent increase over the prior year, according to Stone. The annual assessment roll reflects the total net assessed value of all real and business property in the county as of Jan. 1, 2021.
“Looking forward to the next lien date, Jan. 1, 2022, the outlook for a robust recovery appears extremely promising,” Stone wrote in the report. “The pandemic will likely remain an obstacle, but vaccination rates in Santa Clara County are the best in the nation, our business and community leadership has demonstrated a strong and solid commitment to our success.”
The largest drivers of growth this year were changes of ownership and new construction, contributing $14 billion and $6.69 billion, respectively, he wrote. However, new construction declined by 21 percent over the previous year, due to work stoppages and labor and material shortages brought on by the pandemic.
The report provides an executive summary, in addition to detailed countywide information about Santa Clara County’s Assessment Roll, and compares this year’s assessment roll to prior year assessment information. It also provides a snapshot of the market value of transactions between Jan. 1, 2020 and Dec. 31, 2020, a year heavily impacted by Covid-19.
In addition to comparing the 2021-2022 assessment year to the prior year, the report contains charts chronicling the economic boom that has occurred over the past 10 years.
Additionally, the report provides assessment roll data about each of the county’s 15 cities and the unincorporated portions of the county. It contains assessment data summarized by the type of properties and their assessed values separated, not only by city, but also by school districts. Finally, the report provides a comparison of Santa Clara County’s roll data to other Bay Area counties and California’s largest counties.
“The Annual Report, initially published in 1999, has become an increasingly popular and useful tool for citizens and policymakers,” Stone said.
The Assessor’s Annual Report is available online at sccassessor.org.