2005 California Streets and Highways Code Sections 2980 PART 8. DETERMINATION OF TRUE VALUE

2980.  (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
Article XIIIA 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.