Legal Definitions - improved value

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.