VALUE: the monetary relationship between properties and those who buy, sell, or use those properties.

• Market Value: The most probable price in terms of money 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.

• Investment Value: The value of a property to a particular investor, based on the investor’s standards of investment acceptability rather than on objective market standards.

• Liquidation Value: This is the amount for which a property is likely to sell at forced sale.