Santa Clara County Tax Assessor's office will send to the new owner a statement of assessed value. The buyer has 60 days which to appeal the assessed value.

The assessed value may be lesser, equal to, or greater than the purchase price. Keep an eye out for this statement and don't assume it's equal to what you paid. Obviously if the difference is a minor amount, appealing may not be a valuable tactic. Be aware that there is a limited time to address what you feel may be a discrepancy.

If the purchase is an investment property, make sure the county has a valid mailing address on file for you. Mail sent to the physical location may not be deliverable!