1. The process of determining the value of a thing or entity.
2. The estimated worth of a thing or entity. — value, valuate, vb.
assessed valuation. The value that a taxing authority gives to property and to which the tax rate is applied. [Cases: Taxation 348, 348.
1. C.J.S. Taxation §§ 510–511, 515–516, 518–523.]
special-use valuation. An executor’s option of valuating real property in an estate, esp. farmland, at its current use rather than for its highest potential value. [Cases: Internal Revenue 4183; Taxation 895. C.J.S. Internal Revenue § 519; Taxation §§ 1900–1909, 1918–1931, 1941–1944, 1948.]
