Diminution in value refers to the reduction in the monetary worth or market price of an asset or property due to damage, depreciation, or adverse conditions. It is commonly used in legal contexts, such as personal injury cases or property disputes, to quantify the loss suffered by the owner as a result of the harm inflicted on the property. This reduction in value may be caused by physical damage, functional impairment, or perceived stigma associated with the property, such as a history of contamination or structural defects. Evaluating diminution in value often involves assessing factors such as the extent of the damage, the cost of repairs or remediation, market trends, and expert opinions to determine the financial impact on the property’s worth.
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This glossary post was last updated: 29th March 2024.
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