What term represents the value of a property for a specific use?

The term that represents the value of a property for a specific use is "value in use." This concept reflects how much a property is worth based on its utility to an individual user or business, taking into account the unique circumstances and needs of that user. For example, a property may have a higher value in use for a particular business that can generate significant revenue from its location or features compared to its market value, which reflects what it could achieve in the general marketplace.

"Value in use" is particularly relevant when assessing properties for specific business activities or specialized uses, unlike market value, which is broader and reflects what similar properties have sold for in an open market setting. Other types of value, like investment value, focus on the potential for generating returns on investment, and appraised value is tied to the professional valuation process, which may not consider specific usage scenarios. Thus, "value in use" specifically captures the unique worth of a property driven by the user's intended application.