The full cash value as of: (a) lien date, March 1, 1975, for properties with a 1975-76 base year, or (b) after the 1975 lien date, the date real property is newly constructed or changes ownership. This value may or may not be equal to your purchase price.
The Base Year Value is the value established by the Assessor when: (1) the ownership of property changes, (2) new construction is completed, or (3) new construction is partially completed on the lien date. See page 13.