Property Values Hit Record $357.6 Billion In SMC, Extend 16-Year Growth Streak

SAN MATEO COUNTY, CA — San Mateo County's total assessed property value climbed to a record $357.6 billion this year, marking the 16 years of consecutive growth despite elevated mortgage rates, inflation and continued challenges in the commercial real estate market, County Assessor Mark Church announced Monday.

The county's 2026-27 assessment roll increased by $16.6 billion, or 4.85 percent, over the previous fiscal year.

According to the Assessor's Office, the gains were fueled by inflation-adjusted Proposition 13 assessments, property sales, new construction and completed development projects, with residential properties continuing to lead growth.

"San Mateo County continues to demonstrate remarkable economic resilience and long-term stability," Church said. "Despite higher interest rates, housing affordability challenges, and shifting commercial real estate conditions, the County continues to benefit from a diverse economy, world-class employers, and sustained demand for property."

Every city and the county's unincorporated areas posted increases in assessed value. Brisbane saw the largest percentage gain at 7.34 percent, followed by Menlo Park (6.96 percent), Woodside (6.91 percent), Millbrae (6.82 percent) and Atherton (6.71 percent).

By dollar value, Menlo Park added the most at more than $2.06 billion, followed by San Mateo ($1.55 billion), Redwood City ($1.24 billion), Atherton ($1.17 billion) and Burlingame ($1.15 billion). Together, those five cities accounted for more than 43 percent of the countywide increase.

The secured property tax roll, which includes residential and commercial real estate, grew 5.14 percent to $344.5 billion. Meanwhile, the unsecured roll, which includes business equipment, personal property and certain airport-related assets, declined 2.05 percent to $13.2 billion.

The assessment roll directly funds local governments, schools and public services.

The Assessor's Office estimates property taxes generated from this year's roll will total about $3.58 billion, with roughly 51 percent going to schools, 25 percent to the county, 16 percent to cities and the remainder to special districts and former redevelopment agencies.

Despite higher borrowing costs and affordability concerns, the county continued to see robust development activity. About 4 million square feet of major projects were completed in 2025, while more than 105 million square feet remain under review, approved or under construction. Redwood City now leads the county with the largest concentration of major development projects, surpassing South San Francisco.

Residential construction accounted for more than half of all major projects completed last year, while life science developments remained the single largest category in the county's development pipeline.

The Assessor's Office also reviewed more than 7,400 properties for potential value declines under Proposition 8. It granted temporary reductions to 6,572 properties, totaling about $3.5 billion in assessed value relief. San Mateo had the largest number of residential properties receiving reductions, with 1,214 homes qualifying, followed by Daly City (523), Redwood City (516) and South San Francisco (446).

Church said the county's strong employment base, high household incomes and continued demand for housing helped offset broader economic uncertainty.

"San Mateo County is not immune to economic uncertainty," Church said. "But this year's Assessment Roll shows that the County continues to stand on a remarkably strong foundation."