With almost 30 years of experience, a Silicon Valley property tax collector is quite protective of his elected post — especially with cash-strapped schools and public services at risk. But that doesn’t mean his reelection can’t be challenged.
Santa Clara County Assessor Larry Stone faces an emerging political opponent in the termed-out Saratoga Mayor Yan Zhao. Stone, who has run mostly unopposed for decades, said he has no problem with a competitor in 2026 — as long as the individual is qualified to comb through a $700 billion assessment roll. He argues that’s not Zhao, who met with Stone about her interest in running earlier this year. She’s nabbed an impressive list of state and county lawmaker endorsements since launching her campaign, including county Supervisor Otto Lee and state Sen. Dave Cortese.
But Zhao, 57, isn’t the only one who could challenge Stone for his seat. The 83-year-old assessor said a handful of people, including Zhao, have broached him about retirement and expressed their own interest in the job.
“I haven’t seen anyone who’s qualified yet. I’m perfectly willing to step aside if that person has the management experience and financial judgement to properly administer this office,” Stone told San José Spotlight. “But I’m not going to turn over this office, which I worked 30 years to make to what I believe is the best assessor’s office in the state, to somebody who is not completely qualified.”
Zhao has spent decades in Silicon Valley’s semiconductor industry in various roles, including technical marketing, business development and sales. She has served on the Saratoga City Council for seven years, where the mayor is an appointed, one-year title. Zhao’s in her second rotation as mayor, having previously held the title in 2021. She said she has plenty of experience stewarding city budgets and serving on a statewide taxation and revenue committee.
“I have the experience of overseeing our city finances. Saratoga has never been in the red,” Zhao told San José Spotlight, referring to a city with a population of 29,607 residents and a $36 million budget. “This needs more than just a technical qualification — it requires leadership, communication, decision making ability and a commitment to serving our community.”
The election is taking shape two years early. Stone said he’s been forced to announce his reelection bid after waking up to rumors of retirement, something he admits he’s considered before. But this time, Stone said he believes Zhao is spreading them.
Zhao denies it.
“I’m just focusing on my own campaign,” she said.
Santa Clara County schools and social safety net programs rely on accurate property assessments for funding — and the situation is urgent. Earlier this year, county leaders had to patch a $250 million budget deficit, partly blamed on slow property tax growth. Property owners can also fight their assessments. Stone said all the county’s active and pending assessment appeals add up to about $120 billion in total value at risk. About 98% of that accounts for disputes with major corporations such as Apple and Google, Stone said.
Zhao doesn’t have specific critiques of Stone’s office, but said she brings a fresh perspective. Zhao would try to “modernize” the office through technology such as artificial intelligence, she added.
“Many of our residents are foreign born and aren’t familiar with a lot of the property tax related laws. That’s why I wanted to run. I felt I could push new ideas and modern solutions,” Zhao said.
It’s a resume duel. Zhao has earned an entry-level appraiser license from the Bureau of Real Estate Appraisers ahead of the election, effective through September 2026. Her license status makes her a trainee, requiring her appraisals be supervised by a higher-level certified appraiser.
Zhao’s license is for appraisals typically used for private sector lending, including residential mortgage applications.
The county assessor, by comparison, holds a property tax appraiser certificate issued by the State Board of Equalization, which registers people who are qualified to assess property values for tax assessments. Zhao said she intends to earn the same certification.
“It’s just a completely different job,” Stone said. “I’ve been a city councilmember and a mayor so I understand what that is, and this is completely different.”
Zhao said she’s got what it takes.
“I have a proven record of 20-plus years serving our community,” she said. “I think I’m pretty well prepared.”
Contact Brandon Pho at [email protected] or @brandonphooo on X, formerly known as Twitter.
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