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Simple English definitions for legal terms
improved value
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A quick definition of improved value:
Improved value refers to the total value of a piece of property, including the value of the land and any improvements made to it. Improvements can include things like buildings, landscaping, and other enhancements that increase the value of the property. When appraising a property, the improved value is taken into account to determine its overall worth.
A more thorough explanation:
Definition: Improved value refers to the total value of a property, including the value of the land and any improvements made on it.
For example, if a piece of land is worth $100,000 and a house built on it is worth $200,000, the improved value of the property would be $300,000.
Another example would be if a commercial building is constructed on a piece of land. The improved value of the property would be the value of the land plus the value of the building and any other improvements made to the property.
Improved value is an important concept in real estate appraisal as it takes into account the value of any improvements made on the land. This can include buildings, landscaping, and other enhancements that can increase the overall value of the property.