Kelly Zito writes that:

The Santa Clara County assessor has slashed the values of about 1, 200 office and industrial buildings by about $8 billion, further underscoring Silicon Valley’s protracted high-tech slump.
County officials boosted assessed values of about 9,500 homes and condos that had been cut last year, but more than 23,000 residential properties continued to receive reductions totaling about $1.7 billion, they said Thursday.

Madison’s property values have risen for years. Someday, there will be an adjustment, which will be painful for its tax base.