Value, whether defined in purely economic terms or more widely to encompass social and environmental value, is an important basis for making decisions about legitimate tenure rights. Valuation, the process of estimating value, forms part of the evolution and improvement of land, fisheries and forests, which can have an overarching influence on the general economic development and growth, wealth and prosperity of a community, society or nation.

Valuations of tenure rights are required by the State and by the private sector for a wide variety of reasons, often forming and informing the basis of transactions, taxation, compensation and accounting. Value and the valuation process form a part of our everyday lives, and yet these are often shrouded in mystery and are not clearly understood. Valuation is not merely hypothetical – a significant proportion of complaints and legal challenges in many countries are grounded on valuation, be it claims of inadequate levels of compensation for land taken by the State, or resistance to high land and property taxes, all of which have legal and financial consequences.

The Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests in the Context of National Food Security endorsed in 2012, are the first international consensus on the centrality of tenure rights. They enforce the recognition and protection of tenure rights and the importance of tenure security to national food security. The Guidelines recognize the complexities of effective land administration associated with the delivery of tenure-related services and specifically reference the importance of valuation.

The Food and Agriculture Organization of the United Nations (FAO) has developed a series of Technical Guides to elaborate and provide more detailed guidance on thematic areas contained within the Guidelines. As part of this series, this Technical Guide covers the issues associated with the identification and valuation of tenure rights for different purposes, and provides guidance on how to ensure that valuations are undertaken in a fair, reliable and transparent manner that comply with international norms. It explains why valuations are important, where and when they should be used, and by whom. It is not intended to be a valuation textbook; instead it seeks to raise the level of awareness of valuation issues and procedures among those involved in land policy and administration and those affected by land tenure decisions.

Though this Technical Guide focuses on land, it provides useful guidance that may be applied to fisheries, forests and other natural resources. It is directed primarily towards developing countries and countries in transition where there is less awareness of the valuation profession and institutions. Legitimate tenure rights involving customary or informal tenure systems may be less clear and not formalized by law or regulations.

The other Technical Guides in the series also contain references to themes contained herein, and are thus complementary to this guide. Readers interested in specific aspects of the implementation of the Guidelines, such as gender, legal aspects, free, prior and informed consent (FPIC), agricultural investments, registration, the commons, pastoralism, forestry or fisheries, can also refer to these Technical Guides.