In appraisal terms, what does 'land value' refer to?

Land value refers specifically to the worth of the land itself, not including any improvements or structures that may be present on the property. In appraisal practice, this distinction is vital as it allows appraisers to assess the raw value of the land based on factors such as location, zoning, and potential uses without the influence of buildings or other enhancements.

This focus on the value of the land alone is essential for various analyses, including the evaluation of development potential and land use decisions. By isolating land value, appraisers can provide a clearer picture of the underlying asset's worth, which is fundamental in many real estate transactions and investment appraisals.

Other answer choices relate to the broader context of property value but do not specifically pertain to the concept of land value defined in appraisal terminology.