What is the “Value” of property?
Personal property that secures a debt (mortgaged or collateralized property) is valued at what a retail merchant would charge for property of that kind considering the age and condition of the property at the time the value is determined. Otherwise, property (real or personal) is valued at what price a willing seller would sell and a willing buyer would pay. A good value test is what it would sell for at public auction. The value of personal property is not necessarily what it costs you new or what it would cost to replace new. Only if the merchandise has recently been purchased, i.e., within days, would its new cost or replacement cost be considered. But, even then, one should bear in mind that all retail personal property decreases in value as soon as you leave the store with it. Real estate value is determined by purchase price, cost of improvements, comparable sales, recent appraisals, and/or county real estate assessments. One or more of these can be used as a basis for the value
