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Assessed Value: The value of a property according to the tax rolls in ad valorem taxation; may be higher or lower than market value, or based on an assessment ratio that is a percentage of market value.
Business Enterprise Value: A value enhancement that results from items of intangible personal property such as marketing and management skill, an assembled work force, working capital, trade names, franchises, patents, trademarks, non-realty related contracts, leases, and some operating agreements.
Going Concern Value: The market value of all the tangible and intangible assets of an established and operating business with an indefinite life, as if sold in aggregate. Also defined as the value of a proven property operation. It includes the incremental value associated with the business concern, which is distinct from the value of the real estate. Going-concern value refers to the total value of a property, including both real and personal property and intangible personal property attributed to business value.
Investment Value: The specific value of a property to a particular investor or class of investors based on individual investment requirements; distinguished from market value, which is impersonal and detached.
Value in Use: A value concept which is based upon the productivity of an economic good to its owner-user. Value in use may be a valid substitute for market value when the current use is so specialized that it has no demonstratable market and when the use is economic and likely to continue.
Insurable Value: The portion of the value of an asset or asset group that is acknowledged or recognized under the provisions of an applicable loss insurance policy. This is a value used by insurance companies as the basis for insurance. Often considered to be replacement or reproduction cost less deterioration and non-insurable items. Sometimes cash value or market value, but often entirely a cost concept.
Liquidation Value: The most probable price which a specified interest in real property is likely to bring under all of the following conditions -
1. Consummation of a sale will occur within a severely limited future marketing period specified by the client.
2. Actual market conditions are those currently obtaining for the property being appraised.
3. The buyer is acting prudently and knowledgeably.
4. The seller is under extreme compulsion to sell.
5. The buyer is typically motivated.
6. The buyer is acting in what he or she considers his or her best interest.
7. A limited marketing effort and time will be allowed for the completion of a sale.
8. Payment will be made in cash in U.S. dollars or in terms of financial arrangements comparable thereto.
9. The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
Market Value: Market Value is defined in Rules and Regulations, (Federal Register), Volume 55, Number 165, Page 34696 as - "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby,
1) buyer and seller are typically motivated,
2) both parties are well informed or well advised, and acting in what they consider their own best interest,
3) a reasonable time is allowed for exposure in the open market,
4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto and
5) the price represents the normal consideration for the property, sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale."
Prospective Value: A forecast of value expected to occur at a specified future date. A prospective value estimate is most frequently utilized in connection with real estate projects that are proposed, under construction, under conversion to a new use, or that have otherwise not achieved sellout or a stabilized level of long-term occupancy at the time the appraisal report is written
Retrospective Value: An estimate of value that is likely to have applied as of a specified historic date. A retrospective value estimate is most frequently sought in connection with appraisal for estate tax, condemnation, inheritance tax, and similar purposes.
Value As Is: The value of specific ownership rights to an identified parcel of real estate as of the effective date of the appraisal; relates to what physically exists and is legally permissible and excludes all assumptions concerning hypothetical market conditions or possible rezoning.
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