San Francisco, Jul 14 (IANS): The iconic Apple Park in Cupertino has been assessed to be worth a whopping $3.6 billion, according to the Santa Clara county.

The valuation doesn't perfectly coincide with its market value -- how much it would sell for -- but is based off a detailed appraisal of the building, which opened in 2017, according to a report in the San Francisco Chronicle.

Once things like computers, furniture, and grounds maintenance equipment are also considered, the valuation increases to $4.17 billion.

Beyond its giant 2.8 million-square-foot size, Apple Park's high-end materials, abundant glass and intricate design make it a standout in Silicon Valley, home to some of the world's most valuable real estate, the report added.

The iPhone maker is required to pay 1 per cent property tax per year, which comes out to just over $40 million this year.

Some people, however, believe that Apple should pay more, as its property tax does not "offset its contribution to the housing crisis and homelessness". Nonetheless, Apple is still the largest property taxpayer in Santa Clara County, according to 9to5Mac.