Which term refers to the worth of a property assuming a specified use?

The term that refers to the worth of a property assuming a specified use is "Value in Use." This concept takes into account the specific circumstances and purposes for which a property is utilized, assessing the utility and benefits derived from that use. Essentially, it measures the value to a specific user based on how the property fits their unique requirements, rather than its general market value. This can include factors such as the property's adaptability, potential income generation, or alignment with the user's needs.

In contrast, market value reflects the price a willing buyer would pay a willing seller in an open market scenario, which does not necessarily account for specific uses or particular user perspectives. Functional utility refers to how well a property serves its intended function, while investment value represents the worth of a property to a particular investor based on their investment objectives, which may differ from the property's value in use.