Property tax assessments are rising quickly in Santa Clara County cities, driven by major tech companies. Mountain View leads with the highest property value growth, followed by Santa Clara. Despite the increase, there are fewer residential transactions and challenges in the commercial real estate market. Google canceled a large office project in Mountain View, reflecting a trend of stalled commercial construction. The report predicts a short-term slowdown in tax assessment growth but remains optimistic due to the region's strong tech industry and global appeal.

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