A high-stakes contest is unfolding in Santa Clara County as candidates scramble to replace longtime Assessor Larry Stone in a special election scheduled for November 4. With the nomination period closing on Friday, a growing roster of hopefuls has already raised hundreds of thousands of dollars in what is shaping up to be a fiercely competitive race. The victor will temporarily fill Stone’s seat until December 2026, with a formal reelection campaign required in 2025 for a full term.
The contest for the office — which oversees property tax assessments impacting housing developments, school budgets, and local government revenues — has drawn strong interest, in part due to the early decision by San Jose Councilmember Pam Foley to decline entering the race. Foley, whose name had been floated among potential contenders, confirmed she intends to complete her term on the City Council, despite encouragement from supporters urging her to run. Her withdrawal narrowed the field and energized the current candidates to sharpen their focus on outreach and fundraising.
Former Assessor Larry Stone, who stepped down in July at the age of 84 after serving three decades in office, left behind a powerful legacy and an influential role. His departure accelerated what had been anticipated as a 2026 race into an urgent 2025 battle. With just a few months until the special election, candidates have been moving rapidly to build campaign infrastructure, raise money, and appeal to voters across the county.
Among the top contenders is Saratoga Councilmember Yan Zhao, who began fundraising in 2023 in anticipation of Stone’s eventual retirement. Her early start has paid off, with her campaign surpassing the $500,000 mark by mid-2024. Official disclosures showed she had raised around $450,000 by June 30 and had already spent more than $15,000 on her campaign. Zhao, who holds a residential appraiser license and has completed required training for property tax appraisal, appears well-positioned both financially and professionally.
Also in the race is Los Altos Vice Mayor Neysa Fligor, who has been endorsed by Larry Stone himself. As an assistant assessor with a background in revamping the department’s outdated computer systems, Fligor brings significant experience to the table. She had raised over $66,000 by June 30 and has now exceeded the $100,000 milestone. A certified property tax appraiser, Fligor emphasized that the complexity of the role requires deep technical knowledge and years of experience, something she says sets her apart from the competition.
Another notable candidate is Rishi Kumar, a tech executive and former Saratoga Councilmember, who officially entered the race on July 30. While his campaign has not yet reported fundraising figures, Kumar expressed confidence in his ability to bring a fresh, tech-savvy approach to the office. As CEO of EthosAI, he highlighted his track record in finance and operations, promising to make the assessor’s office more accountable and efficient. He did not disclose whether he holds or is training for a certified property tax appraiser license.
Fligor’s camp has pointed to her endorsement by Stone as evidence of her readiness for the role, emphasizing that many candidates underestimate the technical challenges of property assessment. Meanwhile, Zhao has shared documentation to confirm her appraiser credentials. Kumar has focused more on his operational and leadership background, calling public service his life’s calling and arguing for a shift in the office’s efficiency and responsiveness.
With the potential for a December 30 runoff if no candidate secures a majority, the stakes are particularly high. The winner will wield significant influence over property assessments in one of California’s most economically dynamic regions. School districts dependent on property tax revenues, tech firms managing vast real estate portfolios, and developers watching market fluctuations all have a vested interest in who takes the helm.
Despite recent challenges like rising vacancies, economic uncertainty, and sluggish housing development, Santa Clara County’s assessment roll continues to grow. According to Stone’s final report, the total net assessed value of real estate and personal property reached a record $726 billion this year. Home sales, which rose 3%, accounted for a significant 86% of the roll’s growth.
As campaign efforts intensify in the final stretch, the contest reflects not only a change in leadership but also a broader debate over how the county will navigate property valuation, fiscal equity, and public accountability in the post-Stone era. With voter attention increasingly turning to fiscal transparency and operational competence, the coming weeks will test each candidate’s ability to translate their credentials and vision into electoral success.
