§ 811 [Value of Property Defined]

This rule explains what "value of property" means in cases where property value is being decided. It covers two situations. The first is real property, like land or buildings, or any legal interest someone has in that property. The second is when real property is combined with personal property, like furniture or equipment, and both are valued together as one unit.

In both cases, the rule says the value used in court should be the market value. This means the price the property would likely sell for, not some other estimate like what it cost to build or what someone thinks it is worth emotionally.

This rule matters most in cases involving property disputes, condemnation, or damage claims, where the court needs a clear standard for figuring out what property is worth. By focusing on market value, the rule keeps property valuations consistent and based on real world pricing.