Apple Campus nutritious for property values

Apple has been particularly nutritious for local property values, but perhaps not so healthy for housing affordability in Cupertino.

Since a year ago, the Cupertino-based company that opened Apple Park to employees in 2017 saw a $1.5 billion increase in assessed property value within Santa Clara County, as did Mountain View-based Google, the Silicon Valley Business Times and Mercury News reported Thursday.

Meanwhile, the City of Cupertino saw a rise of 8.83 percent in assessed values from last year, the “third-highest year-over-year growth among cities in Santa Clara County,” the Mercury News reported.

Countywide, the annual assessment roll reached $483.2 billion, 7.34 percent higher than a prior year, the newspaper stated.

“One single property — Apple Inc.’s new multibillion-dollar Apple Park headquarters in Cupertino — accounted for $1.52 billion of the $33 billion increase in assessed value with 51 percent of that attributable to the equipment inside,” according to the Business Times.

The current assessed value of the yet-completed Apple Park campus was about $3.5 billion, the report stated. The report added that Apple paid the second-most in property taxes in the county in 2016-17 at more than $45 million.

Meanwhile, home prices near the campus continue to rise to new heights, with “more than two-thirds of all homes sold” in the county “going for more than their asking prices” last year, with 22-percent sold for cash, the Business Times added.