Opinions of the City Attorney of San Francisco 1965

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Ct. 544, 67 L. Ed. 981]), and might be called the market value of property for use in its present condition. Indeed, section 401 of the Revenue and Tax- ation Code as originally enacted (Pol. Code, § 3627) con- tained the words Market value" as the standard for valu- ation of the stock of domestic corporations, and after "market value" was deleted in 1881 (Stats., 1881, ch. LIII, p. 57). this court stated that the term had been synonymous with full cash value." (Crocker v. Scott, 149 Cal. 575, ...585 [87 P. 102]; see also San Francisco Nat.
Bank v. Dodge, 197 U.S. 70, 79 [25 S. Ct. 384, 49 L. Ed.
669].)'" It is to be noted that although the Gilmore case and the De Luz case equate "full cash value with "market: value", neither case prescribes a fixed rule as to the method or formula to be used in determining what constitutes "market value" in assessing real property generally. In this connection, the court in the De Luz case pointed out, pages 563-564: NO. 65-21-A Mr. Robert J. Dolan 4 July 30, 1965 "Assessors generally estimate value by analyzing market data on sales of similar property, replacement costs, and income from the property (see 1 Bonbright, Valuation of Property, pp.


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