What does Current Use Value represent?

Current Use Value represents the value of a property based on its existing use rather than its potential or highest and best use. This concept is especially pertinent in scenarios where a property may be used for agricultural purposes, commercial activity, or other specific functions that could yield a different valuation than what would be realized if the property were redeveloped or repurposed. The Current Use Value focuses on the income or utility generated by the property as it stands, reflecting its present functionality and the market's demand for that particular use.

In contrast, the other options relate to different aspects of property valuation. Potential development reflects higher future value over current conditions and is not representative of Current Use Value. The sale price of similar properties is more about comparative market analysis, which does not directly reflect Current Use but rather market trends. The estimated replacement cost involves evaluating what it would cost to build an equivalent property from scratch, which is also distinct from the Current Use Value focused on present circumstances.