San Mateo County’s property worth now $357.6B

The top five cities by percentage growth in assessed value were Brisbane, 7.34%; Menlo Park, 6.96%; Woodside, 6.91%; Millbrae, 6.82%; and Atherton 6.71%. The top five cities by dollar growth in assessed value were Menlo Park, $2.07 billion; San Mateo, $1.55 billion; Redwood City, $1.24 billion; Atherton, $1.17 billion; and Burlingame $1.15 billion. The cumulative assessed value increases reflected in these five cities contributed to about 43.4% of the total 2026-27 roll increase, according to Church’s office.

All 20 cities and unincorporated areas in the county experienced increases in assessed value, ranging from 2.26% to 7.34%, with an overall rise of 4.85%. Unincorporated areas, including San Francisco International Airport, experienced a growth rate of 4.87%, according to Church’s office.

Approximately 1% of the assessed roll supports the county’s property tax base, equating to $3.58 billion in revenue. Of this amount, 51% will go to schools ($1.82 billion, an increase of $80 million from last year), 25% to the county ($894.08 million, an increase of $41.4 million from last year), 16% to cities, 7% to special districts, and 1% to former redevelopment agencies, according to Church’s office.

Since 2015, approximately 36.3 million square feet of major construction projects have been completed throughout San Mateo County. The following cities contain the largest concentration of major development projects of at least 80,000 square feet that are under review, entitled, under construction or completed: Redwood City, 21.15 million square feet; South San Francisco, 19.43 million square feet; Menlo Park, 13.68 million square feet; Brisbane, 8.27 million square feet; and Burlingame, 7.22 million square feet. Notably, Redwood City now contains the county’s largest concentration of major development activity, surpassing South San Francisco, according to Church’s office.

According to the San Mateo County Association of Realtors, the median sales price of a single-family home increased to $1.98 million, up approximately 1.5% in 2024. The condominium market was more mixed. The median condominium sales price declined slightly by 0.7%, from $915,000 in 2024 to $909,000 in 2025. Condominium sales declined by approximately 3.9%, from 1,164 units to 1,119 units, while total sales volume decreased from approximately $1.23 billion to $1.14 billion, according to Church’s office.

The county’s population reached approximately 743,568 residents in 2025 and the labor market also remained among the strongest in California, with unemployment improving from 3.6% in December 2025 to 3.1% in May 2026, the lowest rate in the state, according to Employment Development Department data.

The cycle of wealth created by artificial intelligence, advanced technology and related equity markets meant a 13.4% average increase in home prices, outpacing other areas.

Commercial real estate varied by sector. Office and life science markets continued to adjust because of borrowing costs and shifts in space needs after the pandemic and because of AI. The pace of major development activity has moderated, but substantial projects remain underway across residential, mixed-use, life science and other sectors, according to the Assessor’s Office.