16 Valuation · 16.1 Valuation principles and terminology

16.1.2 Value, cost and price: kinds of value – market, book, salvage, scrap, assessed and reversionary

Cost is what it took to produce a property, price is what was actually paid, and value is the valuer's estimate of its worth; value takes many forms — market, book, salvage, scrap, distress, assessed, reversionary, accommodation, marriage — each defined by its purpose.

  • MPSC ATP
  • Standard level
  • 7 min read
  • Full course

Key terms

  • value
  • cost
  • price
  • utility
  • scarcity
  • transferability
  • market value
  • willing buyer willing seller
  • book value
  • salvage value
  • scrap value
  • junk value
  • distress value
  • assessed value
  • rateable value
  • reversionary value
  • accommodation value
  • special value
  • marriage value
  • sentimental value
  • speculative value
  • potential value
  • monopoly value
  • insurable value

What this note covers

  1. Core factsFoundation
  2. ExplainedStandard
  3. DeeperAdvanced
  4. Mains writingMains writing
  5. Common trapsFoundation
  6. Quick revisionFoundation

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