Glossary of Property Term - V

The process of making an estimate of worth of real property or other assets for a particular purpose, example for financing, letting, selling, rating, auditing, compulsory purchase / land acquisition or taxation. That purpose and the relevant circumstances will determine assumptions and facts that are appropriate and hence the process used. Normally, the process will involve site inspection and  data collection and presented in writing, setting out the facts, assumptions, culculations and resultant value.