What does the term 'topography' refer to in relation to land values?

The term 'topography' specifically refers to the shape and features of the land, including its physical characteristics such as elevation, slope, and terrain. In relation to land values, topography can significantly impact how land is used and, consequently, its value. For example, flat, easily accessible land may be more desirable for development, while steep or rocky terrain may limit the types of construction or agricultural use possible on that land.

The physical attributes defined by topography can influence factors such as drainage, visibility, and the potential for erosion, all of which are crucial for developers, builders, and land planners to consider. This relationship between the land's physical characteristics and its economic utility highlights the importance of topography in assessing land values.