These 15 corporate campuses fill a big portion of Silicon Valley's property tax coffers
Last Modified: 10:13 PM, Tue Sep 19, 2017

Janice Bitters

Silicon Valley/San Jose Business Journal Online. 19 September 2017

Word Count: 591

When Santa Clara County Assessor Larry Stone earlier this year unveiled the county's annual assessment roll, it was filled with mostly good news.

The assessment, which reached $450 billion this year, is a snapshot of the real estate market as of the beginning of the year and gives analysts insight into some of the most fundamental parts of the Valley's economy: real estate.

But if you've ever wondered what buildings or campuses contribute the most to that number, a new report by Commercial Cafe , a commercial real estate information services provider, gives us some insight. The group has mapped and listed the top 50 property tax payers in Silicon Valley in a new report.

Browse through the gallery above to see the top 15 corporate property tax payers in Silicon Valley

The report used several resources to compile the list, including data on PropertyShark.com and tax values as assessed by individual counties.

The players and properties are those most would expect: Apple Inc. takes up two spots in the top-10, and its new Apple Park is, of course, the top spot. Meanwhile Google Inc., which is currently on a massive buying spree across the Valley, takes up three of the top 16 spots.

Notably, Lockheed Martin's corporate office in Sunnyvale lands at No. 7, even after the company has laid off hundreds of employees in recent years and sold a chunk of its former Sunnyvale campus .

And though some projects that opened after Jan. 1 may not be fully accounted for in the county's assessment roll, like Apple's 2.8 million-square-foot Apple Park, the numbers still increased by $30.9 billion year-over-year in the recent report from Stone's office.

Commercial Cafe's list includes the $5 billion circular building, which was named Silicon Valley Business Journal's Milestone Project of the Year for 2017.

The $30.9 billion growth for the Valley matches the dollar amount that the assessment roll has increased over the past two years and represents six consecutive years of positive office development and leasing. The fact that the number has stayed the same for three years straight also means the market is seeing also some stabilization, Stone said in June, when the report was released.

Whether that number will stay the same again next year remains to be seen, as Nvidia Corp. is aiming to wrap up construction on it its 525,000-square-foot Santa Clara campus by November — just in time for next year's tax assessment.

Google has started construction on its 595,000-square-foot Charleston East campus and restarted work on its Bay View development, which is also in Mountain View, though it sits on federal land owned by NASA.

A potential 8 million-square-foot San Jose development by the search giant could also up future tax rolls in the county when or if it is completed and employees begin moving in, which would likely be years from now.

For now, take a peek at our slideshow of the top 15 property tax generators in the Valley. Below, scroll through the list of the top 50 property tax-producing real estate parcels in Silicon Valley as of today, created by Commercial Cafe.

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Article Info
Publication: Silicon Valley/San Jose Business Journal Online
Organization: Apple Inc., Tesla, Inc.
Location: California
Industry: Real Estate/Construction, Real Estate, Computers/Consumer Electronics, Motor Vehicles, Alternative Fuel Vehicles, Automotive, Technology
Topics
Property Taxes, Government Finance, Government Budget/Taxation, Direct Taxation, Economic News