Commonly Used Terms

Base Year Value - Under Proposition 13 the assessment year 1975-76 serves as the original base year value. Thereafter, any assessment year in which real property, or a portion thereof, is purchased, is newly constructed, or changes ownership shall become the base year used in determining the assessment for such real property.

Factored-Base-Year Value – The base year value defined above adjusted not more than 2% annually for inflation. This adjusted value is known as the “factored base year value.”

Market Value - As defined in Revenue and Taxation Code Section 110, "The amount of cash or its equivalent that property would bring if exposed for sale in the open market under conditions in which neither buyer nor seller could take advantage of the exigencies of the other, and both the buyer and seller have knowledge of all of the uses and purposes to which the property is adapted and for which it is capable of being used, and of the enforceable restrictions upon those uses and purposes."

Lien Date - March 1 prior to 1997. The time when taxes become a lien on Property, and the time when property is valued for tax purposes. This date is January 1^st, beginning in 1997, and March 1^st prior to 1997.

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	Commonly Used Terms Base Year Value - Under Proposition 13 the assessment year 1975-76 serves as the original base year value. Thereafter, any assessment year in which real property, or a portion thereof, is purchased, is newly constructed, or changes ownership shall become the base year used in determining the assessment for such real property. Factored-Base-Year Value – The base year value defined above adjusted not more than 2% annually for inflation. This adjusted value is known as the “factored base year value.” Market Value - As defined in Revenue and Taxation Code Section 110, "The amount of cash or its equivalent that property would bring if exposed for sale in the open market under conditions in which neither buyer nor seller could take advantage of the exigencies of the other, and both the buyer and seller have knowledge of all of the uses and purposes to which the property is adapted and for which it is capable of being used, and of the enforceable restrictions upon those uses and purposes." Lien Date - March 1 prior to 1997. The time when taxes become a lien on Property, and the time when property is valued for tax purposes. This date is January 1^st, beginning in 1997, and March 1^st prior to 1997.