Property is worth just a tad more in Palo Alto this year, up 2.4 percent over last year, according to the annual report released by the Santa Clara County Assessor's Office today (June 30).
At $22.5 billion, Palo Alto's homes and business properties were assessed at more than ever before, more than double just 10 years ago.
Last year, Palo Alto was the only city in the county to show positive growth in assessed value, squeaking in with a 0.36 percent rise.
This year, the city's growth was trumped by Los Altos Hills' (3.8 percent), Los Altos' (3.6 percent) and Mountain View's (3.3 percent). Ironically, Los Altos Hills homeowners recently were granted $14 billion in lowered property evaluations, according to an earlier news release.
Palo Alto has experienced double-digit growth in its assessed valuation only three times in the last dozen years, in 2000, 2001 and not again until 2008.
Countywide, assessed values rose less than 1 percent in 2010.
"Compared to the last three years, this modest increase in property assessments is encouraging, and hopefully signifies the beginning of a positive trend from the depths of the Great Recession," County Assessor Larry Stone said.
"However, if you analyze my 16-year tenure as County Assessor, this growth is the third worst on record. In nine of those years, growth in assessed values exceeded 5 percent, including two years of double-digit increases."
The Assessor's Annual Report can be found at the Assessor's website by searching for "annual report."