Santa Clara County's total assessed property value has risen to $696.8 billion, a 5.4% increase from the previous year. However, this growth is insufficient to meet the escalating costs of services due to fewer property transfers and a decrease in new construction, especially in commercial properties. This results in less property tax revenue, affecting services such as education. The slow growth is attributed to changes in property ownership and a drop in new commercial construction, causing high office vacancy rates. Lowering interest rates could potentially mitigate the expected decline in property value growth.

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