Santa Clara Co. property taxes may go up next year

SANTA CLARA COUNTY, Calif. (KGO) -- A new warning to homeowners -- your property taxes may be going up sharply next year.

On Wednesday in Santa Clara County, the assessor said property values have surged and he has reassessed 70,000 homes and businesses where taxes were lowered after the crash of the real estate market six years ago.

The average home in Santa Clara County is now worth $90,000 to $400,000 more, and your tax bill will reflect that.

Generally property taxes can't go up more than two percent a year, but the law does allow for bigger increases as properties catch up to their previous values.