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Yeah, surprising to morons...
http://sanjose.bizjournals.com/sanjo...0/daily88.html
http://sanjose.bizjournals.com/sanjo...0/daily88.html
Finance directors of every city, redevelopment agency and school district in Santa Clara County have been notified that more than 90,000 properties will be valued at less than their purchase prices, the Santa Clara County Assessor reported Friday.
“It is far more pervasive than I expected, and these preliminary numbers are far from final," said Assessor Larry Stone. “While incomplete, this data is valuable to cities and schools as they plan their budgets."
The Assessor’s “Proposition 8” analysis said the properties qualify for an assessment reduction, and the total number of affected properties is more than double over the previous year.
Stone said the market value as of Jan. 1 of approximately 20 percent of all single family homes and one-third of all condominiums have declined below their purchase price. To date, the aggregate reduction exceeds $18 billion, by far the largest decrease in county history.
The average reduction for a home increased from $78,000 last year to $181,000, and additional reductions are anticipated between now and July 1 when the assessment roll is officially completed.
Lower assessments will result in negative growth of the county’s assessment roll, something that has happened only once since the Great Depression, Stone said. It is estimated that the assessment roll for Santa Clara County may fall by as much as 2 percent, a far cry from last year's modest growth of 6.98 percent.
“It is far more pervasive than I expected, and these preliminary numbers are far from final," said Assessor Larry Stone. “While incomplete, this data is valuable to cities and schools as they plan their budgets."
The Assessor’s “Proposition 8” analysis said the properties qualify for an assessment reduction, and the total number of affected properties is more than double over the previous year.
Stone said the market value as of Jan. 1 of approximately 20 percent of all single family homes and one-third of all condominiums have declined below their purchase price. To date, the aggregate reduction exceeds $18 billion, by far the largest decrease in county history.
The average reduction for a home increased from $78,000 last year to $181,000, and additional reductions are anticipated between now and July 1 when the assessment roll is officially completed.
Lower assessments will result in negative growth of the county’s assessment roll, something that has happened only once since the Great Depression, Stone said. It is estimated that the assessment roll for Santa Clara County may fall by as much as 2 percent, a far cry from last year's modest growth of 6.98 percent.
“To put this in perspective, in the past 75 years, the Santa Clara County assessment roll was negative only four times: immediately following Proposition 13 in 1978, and in 1932, 1933, and 1936, during the Great Depression,” Stone explained.
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