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This document is intended to provide insight into the use of structure value to estimate the expected cost of flood damage to the national economy. In order to accomplish this objective, the report presents an overview of valuation concepts, with descriptions of the role of each concept in the Corps of Engineers planning process. This information on the various uses of structure values is intended to assist the reader in understanding that there is more than one correct measure of value, depending on the perspective of the person establishing that value and the end use of the estimate. From the perspective of flood damage assessment and the use of depth damage curves, the value of material and labor resources represented by the structure is the correct measure of the structure's value. (MM)