Is "Fair market value of homes on date debt was last secured by home" [California 540/540NR form] the most recently assessed home value, or value at start of loan?

[KrisD]

On the date that loan was taken. The start of the loan, but NOT the start of the original loan if this loan is a refinance. 

[scheib]

Thank you, if there are any citations available that would improve this answer.

[fanfare]

assessed value is rarely the FMV you can get especially in CA.

[david-comay]

What should be filled in for a home that was sold in 2019? Is it really when the loan was taken (in our case, 2012?) or is it when the *new* buyer purchased our home?

And since this is a California state return question, should I be including our own new home which is outside of California?