Taxable property values in Silicon Valley reached $760.1 billion, rising $34.4 billion year over year. Ownership changes added $16.9 billion, inflation adjustments $14 billion, and new construction $4.9 billion. Residential sales drove most value gains despite high mortgage rates. Office vacancies remained near 20%, with many properties trading below assessed values. Commercial properties face $153.6 billion in assessment appeals, risking tax roll reductions. Construction activity lags but contributes positively.