What does full cash value represent?

Full cash value is defined as the appraised value of a property at the time of new construction or when there is a change in ownership. In California, this concept is vital to understanding property taxation and assessment. It represents the property's market value in a given moment, reflecting what it would typically sell for under a fair and open market condition.

When a property is sold or newly constructed, a reassessment occurs, and the full cash value is set at that point. This value serves as the primary basis for calculating property tax for that particular property. Therefore, option C accurately describes full cash value by tying it directly to the event of new construction or a change in ownership, making it essential for determining property taxes according to California law.