Understanding community values can improve communication and ownership of decisions about the management of natural resources. However, the extent that values predict environmental behaviour is less certain. Most research has focussed on held values (values towards the environment in general). Assigned values are expressed in relation to specific natural places and our hypothesis is that they may be a better predictor of behaviour. Drawing on existing theory and findings from a case study, we develop a conceptual model of factors influencing assigned values and the role of assigned values in shaping environmental behaviour. This model builds on the widely accepted value-belief-norm theory with additional components addressing asset characteristics, socialisation processes and externally-imposed factors. An understanding of community assigned values is likely to assist decision making by regional natural resource management bodies as they move towards a more targeted approach to the investment of public funds which focuses on the most highly valued environmental assets.