The left graph shows the median price of Santa Clara county value from July 2008 to July 2009.

Sunnyvale property values increased much better than most other cities in the Santa Clara County, according to the annual tax roll released by the office of Santa Clara County assessor, Larry Stone on July 1, 2009.  Sunnyvale saw a 4.75 % gain in assessed property values. Only Mountain View saw a higher gain as 6.22% than Sunnyvale.

Each year the county appraisers reassess the value of residential and commercial property. According the deputy to the assessor, David Ginsborg  the Sunnyvale property values grew significantly in the form of redevelopment, and the Sunnyvale town Center project,

Ginsborg said:" Assessment values are typically affected by changes in ownership, new construction and property tax reductions when market values fall below assessed values."

This year a significant number of changes in ownership are home in foreclosures and distressed sales. Sunnyvale remained steady because it has older and more established communities. On the other hands, the communities with newly constructed, entry-level homes such as Gilroy, were hit hardest. Ginsborg said, Gilroy had a 9.48% drop which is the most in the county.If you want to read more, you can find it at Sunnyvale sun.

The assessed values has steadily declining for last three years. In 2008, the number of foreclosures in Santa Clara county has gone up fourfold to 6200. Although property assessment is dropping in Santa Clara County, the minor growth in cities like Sunnyvale is significant relative to the rest of California.