Grand larceny is the illegal taking of another’s property which exceeds a certain amount. Grand larceny is similar to theft as both crimes pertain to the illegal taking of a property or properties, except that the property or properties taken under grand larceny is of higher value.
Property can pertain to different items such as electronic gadgets, jewelry, cars or cash. An individual who takes various items in the manner of theft can be charged with larceny since the value of the items taken will be evaluated collectively.
Essentially, a thief can be charged with grand larceny if he or she has taken small and relatively inexpensive items but in big amounts given that the value of all the items will be summed up. If the valuation of all the items meets the threshold, then the person can be charged with grand larceny.
For example, a person has stolen DVD case. If there were 100 DVDs in the DVD case and the value of the DVD when added up meet the threshold, and then the person can be charged with grand larceny.
The threshold in cases of grand larceny may depend on the laws of each state or country. Other states, in fact, do not have grand larceny in their list of criminal offenses.
For those states that do not charge for grand larceny, and then they have a category referred to as petty larceny. Petty larceny is implemented for theft of items that are below the value of the threshold for grand larceny.
In most cases, the valuation of the properties stolen is based on the fair-market value rather than the purchase value. A property may appreciate or depreciate and as such, authorities compute the value based on how much the items are currently selling in the market.