Legal Definitions - full cash value

Definition: Full cash value is the estimated value of a property for tax purposes, determined by standard appraisal methods.

Example: If a house is assessed at a full cash value of $500,000, it means that the property is estimated to be worth $500,000 for tax purposes.

This definition explains that full cash value is used to determine the value of a property for tax purposes. The example illustrates how a property's value is assessed and used to calculate taxes owed on the property.