Original cost of the property minus depreciation is

Explanation:

Some important definitions in valuation:

Book value: 

• It is the amount shown in the account book after allowing necessary depreciation.
• The Book Value of the property at a particular year is the original cost minus the amount of depreciation up to the previous year.
• The Book Value depends upon the amount of depreciation allowed per year and will gradually increase from year to year.
• Book value = Original cost – Depreciation

Market value: 

• The value of a property in an open market and it depends upon time.

Obsolescence: 

• the value of any structure becomes less by it becoming out of date style, structural design, etc termed as obsolescence.

Scrap value: 

• It is the value of dismantled materials for a building when its life is over. The scrap value of a building may be about 10% of its total cost of construction.

Salvage value: 

• It is the value at the end of the utility period without being dismantled. It may be zero, positive.

Distress value: 

• Some time due to fear of war or riot the value of a property cannot fetch the full market value. Then this value of the property is called distress value.