A just valuation of property. 2. Appraisements are required to be made of the property of persons dying intestate, of insolvents and others; an inventory of the goods ought to be made, and a just valuation put upon them. When property real or personal is taken for public use, an appraisement of it is made, that the owner may be paid it’s value.
Law Dictionary – Alternative Legal Definition
A just and true valuation of property. A valuation set upon property under judicial or legislative authority.