Domestic Value Law and Legal Definition

Pursuant to 50 CFR 12.3 [Title 50 -- Wildlife and Fisheries; Chapter I -- United States Fish and Wildlife Service, Department of the Interior], the term Domestic value means “the price at which the seized property or similar property is freely offered for sale at the time and place of appraisement, in the same quantity or quantities as seized, and in the ordinary course of trade. If there is no market for the seized property at the place of appraisement, such value in the principal market nearest to the place of appraisement shall be reported.