The term domestic value refers to the price at which a seized item, or a similar item, is offered for sale at the time and location it is appraised. This price is determined based on the quantity of the item and the typical conditions of trade. If there is no active market for the item at the appraisal site, the domestic value should reflect the price in the nearest principal market.
Domestic value is often used in legal contexts involving the appraisal of seized property, particularly in cases related to wildlife and fisheries regulations. This term is relevant in areas such as:
Users may encounter this term in legal forms related to asset seizures or property appraisals, which can often be managed with templates from US Legal Forms.
Here are a couple of examples of abatement:
Example 1: A shipment of seized fish is appraised in a coastal town with an active seafood market. The domestic value is determined based on current market prices in that town.
Example 2: A collection of seized antiques has no local market. The appraiser uses prices from the nearest major city where similar antiques are sold. (hypothetical example)
Domestic value is defined under the Code of Federal Regulations, specifically 50 CFR 12.3, which pertains to wildlife and fisheries. This regulation outlines how to determine the value of seized property in compliance with federal law.
| Term | Definition | Key Differences |
|---|---|---|
| Market Value | The price an item would sell for in a competitive auction setting. | Market value is based on broader market conditions, while domestic value is specific to the appraisal context. |
| Fair Value | The price that would be agreed upon between a willing buyer and seller. | Fair value considers both parties' perspectives, whereas domestic value is strictly based on appraised conditions. |
If you are involved in a situation where domestic value is relevant, consider the following steps:
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