Legal Definition of Appraisal: An evaluation of the worth of property. When ordered by a court, such estimation of value may be carried out by one or more reputable, qualified, disinterested parties | Looking for the Legal Definition of Appraisal? Learn why understanding the legal definition of appraisal is crucial for business owners and how it can benefit you in determining business value, securing insurance coverage, navigating legal proceedings, and fulfilling tax obligations. Discover the significance of appraisals and how they can be the key to your business’s success. Read more here