Palo Alto and Mountain View residents may be offering to sell their houses to the Santa Clara County Assessor’s Office after Chief Assessor Larry Stone and his deputies raised assessed values in those cities for the 2009 tax year. To give Mr. Stone and his office a break, assessments are based on the value of the property as of January 1, 2009. The healthier markets in the Silicon Valley and Peninsula were late to the bubble pop with pretty much no market in the 4th quarter of 2008 and lower sales posted in early 2009. In short, the County lucked out on the timing, but barring a miraculous real estate recovery, homeowners with high assessed values should see some relief in 2010. Story at Palo Alto Online : Santa Clara County property values stay flat.
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