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Simple English definitions for legal terms
full cash value
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A quick definition of full cash value:
Full cash value refers to the estimated worth of a property for tax purposes, determined by standard appraisal methods. It is the amount of money that the property would command in an exchange, and is used to calculate property taxes. Essentially, it is the value of the property in terms of money.A more thorough explanation:
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.