What is Value-in-use?

Legal Definition

In the U.S., it is generally estimated at a use which is less than highest-and-best use, and therefore it is generally lower than market value.

When a particular user enjoys special benefits, such as extraordinary financing, agglomeration benefits, or grandfathered zoning, then the value may be higher than market value, and the value is considered to be an investment value.
-- Wikipedia
Legal Definition
Accounting. An assets net worth calculated by an estimation of future value and value of disposal if it becomes impaired.