Asset valuation is the process of determining the financial value of municipal assets for accounting and planning purposes. Valuation may use historical cost (what was originally paid), replacement cost (what it would cost to rebuild today), or depreciated value (historical cost minus accumulated amortization). Accurate valuations are important for financial statements, insurance coverage, and understanding the true investment required to maintain infrastructure. The total value of municipal infrastructure across Canada runs into trillions of dollars, representing generations of public investment that must be maintained and eventually replaced.