Most Californians are aware that the way property taxes in the state are divvied out is uneven, skewed by a state law known as Proposition 13 that could be amended next year through a vote at the ballot box.
But a recent report outlining property values in Santa Clara County breaks down the disparity in some creative ways, offering a deeper dive into how the law, passed in 1978, has affected assessed property values in Silicon Valley.
The Santa Clara County Assessor’s annual report, released in full in November, shows that across the board, a smaller portion of new property owners are paying for a larger portion of the county’s property taxes. But how much would assessed property values — the values on which property is taxed — change without Proposition 13?
“The global answer is nobody knows what that might be,” said Larry Stone, assessor for Santa Clara County. “My guess is that the fair market value of all of the property would probably more than double (the current assessment roll).”