A Question of Value: A Discussion of Definitions and the Property Pricing Process

Abstract

Appraisal is often said to be "an art not a science" but this relates to the techniques employed to calculate value not to the underlying conc ept itself.Appraisal practice has documented different bases ofvalue or definitions of value both intern ation ally and nationally.T his paper discusses these definitio ns and suggests that there is a common thread that ties the definitions together.