This is happening a lot as the new Property Tax bills are arriving in everyone's mailbox.
I just investigated this for a past client. We found that the Assessed Value had declined in 2009-2011 and was now rising. The Prop 13 law sets limits on the annual increase, based on the original purchase price. So there can be a greater than 1% jump this year as they recover from previous declines. Pretty unlikely that they are wrong, but you should visit the Assessor's office just to be sure.... more
Congrats on having a big lot and exploring the fact iff you can split it.
Kudos to looking into "property development".
A great site is : http://www.cupertino.org/index.aspx?page=274
Your lot would have to be a tleast 12K plus.
Residential Zoning Districts
Single Family (R1)- Detached homes on minimum lot size of 6,000 sq. ft.
Duplex (R2)- Detached homes with two units under same ownership on minimum lot size of 8,500 sq. ft.
Multi-family (R3)- Attached homes such as tri-plexes, four-plexes, townhomes, condominiums or apartments.
Residential Hillside (RHS)- Detached homes on uneven or hilly terrain.
Residential Cluster (R1C) - Small lot development.
You should be just fine. http://www.trulia.com/blog/perry_mistry/