ABSTRACT
Valuation is the appraisal of the value that can reasonably be expected for something for a specific purpose in its context. In agricultural terms, that may be a particular piece of land or rights in or over it, a building, livestock or machinery. Values, as they are found and as they change, are the essential mechanisms of a market economy, driven by supply and demand, reporting what it is expected that could be paid at a given date for an item. In assessing and reporting on a property for a valuation, it is important to be clear about the measurements used. The purpose expressed by that definition is to find a value that is neutral as between buyer and seller and so, in a market with competing parties, it is an estimate of the amount that could reasonably be expected to be paid – the most probable price in the market conditions holding at the date of valuation.
