Types of Value

While "market value" is the most common metric, different situations require different types of valuation:Assessed Value: This is the value assigned to a property by a county property appraiser specifically for tax purposes. It is used to calculate the owner's annual property tax bill (Ad Valorem taxes). It may or may not reflect the current market value.Insurance Value: This is the estimated cost to replace or repair the improvements (structures) on the property in the event of a total disaster, such as a fire or hurricane. Crucially, insurance value excludes the value of the land, because the land itself cannot be destroyed by fire.Going-Concern Value: This is the value of an income-producing property (like a hotel, restaurant, or car wash) that includes its established business reputation, brand name, and operational history. It assumes the business will continue to operate profitably, which adds value beyond just the bricks and mortar.