How is "site value" defined in appraisal contexts?

In appraisal contexts, "site value" specifically refers to the value of the land itself, without considering any improvements that may be made on the property, such as buildings or other structures. This measure is crucial for appraisers because it helps distinguish between the value of the raw land and the value that is added by any developments on it. Understanding site value is essential for various purposes, including land-use planning, investment analysis, and determining fair market value in transactions.

The other options do not correctly capture this definition. For instance, the total estimated value of a property with improvements incorporates both the land and the structures on it, which is not aligned with the concept of site value. Likewise, assessed value for property tax purposes may take both land and improvements into account, making it a broader measure. The average value of comparable land parcels, while relevant for comparative assessment, does not specifically translate to the notion of site value since it considers averages rather than an individual site’s value.