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Definitions of Value Relating to MTS Assets

The underlying theme and elements of the definitions presented here are based in standard appraisal theory. Many terms are used to describe various thoughts or premises of value.

These definitions are offered to provide the fundamental value concepts; they are not the only acceptable definitions, since contracts or jurisdictions may dictate somewhat different philosophies. Therefore, these definitions may be expanded or refined as the purpose and function of an appraisal dictate, as long as the fundamental concepts are not altered. In other cases, the laws of a country, state, region, or regulatory agency may require other terms, which therefore would take precedence over the definitions shown here.

  • Aircraft Diminution in Value

  • Fair Market Value

  • Fair Market Value - Installed

  • Fair Market Value - Removed

  • Fair Market Value in Continued Use with an Earnings Analysis

  • Fair Market Value in Continued Use with Assumed Earnings

  • Forced Liquidation Value

  • Liquidation Value in Place

  • Orderly Liquidation

  • Replacement Cost New

  • Reproduction Cost New

  • Salvage Value

  • Scrap Value

Source: Machinery & Technical Specialties Committee of the American Society of Appraisers – July 25, 2018