Which term describes the value of a property based on its current usage?

The term that best describes the value of a property based on its current usage is "Value in use." This concept reflects the worth of a property based on how it is currently utilized, taking into account the specific circumstances and benefits derived from that particular use. It considers the income generated by the property, the expenses incurred, and the overall effectiveness of the property in meeting the needs of its current use.

In contrast, market value refers to the expected price a property would sell for in the open market under normal conditions, which may not directly correspond to its current usage. Investment value pertains to the value of a property to a specific investor, influenced by individual investment strategies and goals, rather than the property's current state. Liquidation value relates to the estimated amount that can be obtained from the sale of a property quickly, often at a reduced price, and does not necessarily reflect how the property is being used at the moment. Each of these values serves different purposes in real estate, but "Value in use" clearly aligns with the emphasis on the property's current utilization.