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Many Santa Clara County Homeowners Owe More Taxes

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Sep 9, 2009 6:01 pm US/Pacific

Many Santa Clara County Homeowners Owe More Taxes

SANTA CLARA COUNTY (CBS 5 / AP) ―

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Some property owners throughout Santa Clara County will soon be getting some unwelcome notices in their mailboxes.

Santa Clara County tax officials say the owners of nearly 3,300 properties will be getting letters notifying them that assessments on their properties earlier this year were below their actual values.

County Assessor Larry Stone says the properties were undervalued because of a combination of factors, including an antiquated computer system and an overwhelming workload caused by a high number of foreclosures and short sales.

Stone says in the coming weeks, values on those properties will be adjusted upward.

And with the adjustments, the owners of the properties will find they owe more money in taxes.