What is another name for the systematic approach of determining a property's value?

The term "valuation" refers specifically to the systematic approach of determining a property's market value. This process involves analyzing various factors such as location, condition, comparable sales, and current market trends to arrive at an accurate estimate of a property's worth. Valuation is foundational in real estate as it affects pricing, investment decisions, and financing options.

Other terms, like assessment and evaluation, are often related but have different contexts. Assessment typically refers to a method used primarily by government entities to determine property taxes, focusing less on market value and more on standardized measures. Capitalization pertains to a financial method used to estimate value based on expected income from a property, not a broad value determination. Evaluation is more general and could refer to a variety of assessments or appraisals but does not specifically address the structured methodology of determining a property's market value as "valuation" does.