§ 2. The Value Concept.
18 CA ADC § 2Barclays Official California Code of Regulations
18 CCR § 2
§ 2. The Value Concept.
(a) In addition to the meaning ascribed to them in the Revenue and Taxation Code, the words “full value”, “full cash value”, “cash value”, “actual value”, and “fair market value” mean the price at which a property, if exposed for sale in the open market with a reasonable time for the seller to find a purchaser, would transfer for cash or its equivalent under prevailing market conditions between parties who have knowledge of the uses to which the property may be put, both seeking to maximize their gains and neither being in a position to take advantage of the exigencies of the other.
When applied to real property, the words “full value”, “full cash value”, “cash value”, “actual value” and “fair market value” mean the price at which the unencumbered or unrestricted fee simple interest in the real property (subject to any legally enforceable governmental restrictions) would transfer for cash or its equivalent under the conditions set forth in the preceding sentence.
(b) When valuing real property (as described in paragraph (a)) as the result of a change in ownership (as defined in Revenue and Taxation Code, Section 60, et seq.) for consideration, it shall be rebuttably presumed that the consideration valued in money, whether paid in money or otherwise, is the full cash value of the property. The presumption shall shift the burden of proving value by a preponderance of the evidence to the party seeking to overcome the presumption. The presumption may be rebutted by evidence that the full cash value of the property is significantly more or less than the total cash equivalent of the consideration paid for the property. A significant deviation means a deviation of more than 5% of the total consideration.
Credits
Note: Authority cited: Section 15606, Government Code. Reference: Sections 110, 110.1, 401, Revenue and Taxation Code; Carlson v. Assessment Appeals Board No. 1 (1985) 167 Cal.App.3d 1004; Dennis v. County of Santa Clara (1989) 215 Cal.App.3d 1019.
History
1. Amendment filed 12-26-75; effective thirtieth day thereafter (Register 75, No. 52).
2. Amendment filed 8-21-85; effective thirtieth day thereafter (Register 85, No. 34).
3. Amendment filed 8-26-91; operative 9-25-91 (Register 91, No. 52).
4. Editorial correction of subsection (b) (Register 2002, No. 3).
This database is current through 4/19/24 Register 2024, No. 16.
Cal. Admin. Code tit. 18, § 2, 18 CA ADC § 2
End of Document |