(a) As used in this division, the “true value of parcels” and the “true value of each parcel” means the fair market value of the land and improvements thereon, as determined by the legislative body. The determination of the legislative body shall be final and conclusive in the absence of fraud.

(b) The legislative body may determine that the fair market value of the land and improvements is their full cash value as defined by XIII A of the California Constitution and as shown upon the last equalized assessment roll of the county. However, this subdivision does not prevent the legislative body from determining fair market value by other reasonable means.

Terms Used In California Streets and Highways Code 2980

  • County: includes "city and county. See California Streets and Highways Code 14
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fraud: Intentional deception resulting in injury to another.
  • legislative body: shall include the governing body of any district or other public corporation authorized by law to construct such public improvements. See California Streets and Highways Code 2809

(Amended by Stats. 1984, Ch. 1298, Sec. 9.)

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