No. The Assessor is required to appraise the property at its current market value as of the date of transfer or the date of completion of new construction. The definition the Assessor is to use is the one in Section 110 of the Revenue and Taxation Code. This Section defines market value as the value that the property would sell for if exposed to the open market. This would mean that the Assessor is required to do a valuation study. Based on that study the Assessor determines that you paid too much or too little for the property he/she should appraise the property for an amount other than purchase price. The same can happen with new construction. If you build a house using your own labor your cost would probably be less than what you would expect, if you were to sell that same house. The Assessor is required to appraise that house at what it would sell for if exposed to the open market.

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