Apple persuaded the tax appeals board that personal computers lost almost all their value in just under three years. But that successful appeal didn't change the tax rules for all of Silicon Valley. Other high-tech companies looking for tax refunds still had dozens of appeals pending at the time. Then, in 1994, former Sunnyvale mayor Larry Stone was elected county assessor. In his first year in office, Stone changed the rules.
Property taxes ride the real estate roller-coaster up, up and up.
Once a successful developer, Stone comes across as honest as he is cocksure. Clearly, he says, he wasn't the most qualified person in the county for his job. But he quickly adds that he was the most qualified candidate who ran for the office. Most people wouldn't admit that. Nevertheless, Stone insists that campaign contributions don't lead to any favors when it comes to assessments, though he acknowledges the perceived conflict.