Property taxation: assessment: full cash value.

The California Constitution generally limits ad valorem taxes on real property to 1% of the full cash value of that property. For purposes of this limitation, existing property tax law defines "full cash value" as the assessor's fair market value valuation of real property as shown on the 1975–76 tax bill under "full cash value" or, thereafter, the appraised value of that real property when purchased, newly constructed, or a change in ownership has occurred. Existing property tax law generally defines this "full cash value" of property as the property's "fair market value," and defines these terms to mean the amount of cash or its equivalent that property would bring if exposed for sale in the open market, as provided. This bill would make a nonsubstantive change to that latter definition.