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pple is seeking a significant reduction in its Silicon Valley property tax bill, filing over 1,400 outstanding assessment appeals with Santa Clara County that total a staggering $33.6 billion discrepancy between the company's estimates and the county's assessed values. This represents the largest local drop in assessed real estate value, according to county figures cited by the Silicon Valley Business Journal.

    In comparison, other major companies across the county filed fewer than 300 appeals for values under $7 billion. The county has historically retained around 90% of the total value under appeal, but Apple's massive appeals could significantly impact property tax revenues that fund local cities and school districts.

    The appeals come as office vacancy rates in Silicon Valley have reached a record high due to the shift to remote work during the pandemic. Apple's own value in dispute has decreased over the years, from an estimated $28 billion last year to $26 billion this year, according to the Business Journal.

    Among the properties under appeal is the Apple Park campus, built for $5 billion, as well as its former headquarters, Infinite Loop. County Assessor Larry Stone explained that property assessments are based on fair market value, not the original purchase price or construction cost.

    Other companies with significant appeals include Intuit, Applied Materials, Hitachi Global Storage, Vantage Data Centers, Equinix, San Jose Health Care System, Nvidia, Western Digital, and Santa Clara Phase II Property.