Where in the law does it say the Assessor must consider Improvement Bond debt when assessing property?
Property in California is assessed under Proposition 13 whenever it changes ownership and, under the law, must be assessed at its full cash value when that happens. Full cash value is defined in Revenue & Taxation Code Sections 110 and 110.1 as being “the price at which property, if exposed for sale on 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.” Property Tax Rule 2, which is the administrative law of the State Board of Equalization, further refines this requirement by adding that: “(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 partie
