What is Fair Market Value-in-Place primarily concerned with?

Fair Market Value-in-Place specifically refers to the value of an asset based on its current functional condition, location, and utility. This value is determined by considering how the asset is currently being utilized in its existing environment, rather than its potential future earning capacity or resale value.

The concept focuses on the present worth of the asset as it is situated, considering factors such as its operational efficiency, the local market conditions that influence its functionality, and how well it meets the needs of its current use. This valuation method is particularly useful when assessing the current worth of physical assets in infrastructure, machinery, or equipment.

The other options address aspects that do not align with the definition of Fair Market Value-in-Place. Future resale value and economic conditions pertain more to forecasting and predictive analysis, while raw material costs without adjustments overlook the asset's current condition and context. Thus, the primary concern of Fair Market Value-in-Place is indeed the value of the asset as it currently stands in its designated location.