Experts admit some methodological inconsistency of the structure of total economic value (TEV) as the understanding of the term «value» is still the subject of scientific research. Analysis of foreign experience establish the existence of subjective, ideal and real values. The subjective values are the interesting base from the point of view of economic evaluation and distribution within the TEV concept. Produced historical analysis of the definition of «value», development of TEV concept and the theory of ecosystem services contributes to the creation of the author’s tree of values. The subjective values can be manifested as benefits for humans and for nature. The benefits to the environment can not be the subject for economic evaluation as it is the value attributed to anything for their own sake, or transcendental, distinguishing values, or the values attached to the moral aspects. «Instrumental value» is the value of the object in order to achieve goals. The «instrumental value» is traditionally divided into «use value» and «non-use value» in TEV. Author considers the «direct value» as the evaluation of resource functions of natural capital — an assessment of mineral, land, water and biological resources, the «indirect value» — an assessment of the regulation and cultural ecosystem services. The «Option value» is determined by author as the willingness to pay of society for the preservation of natural resources with a view to their use in the future minus the market price, which is the sum of the value in use of modern individuals and future generations. «Quasi-option value» is the value of future benefits that will be missed if the society chooses the option of use at the present stage. «Non-use value» is based on the «existence value». «Existence value» is the human satisfaction of knowing that the nature exists with reference to altruism in relation to the nature without intentions of using nature. The article provides an improved TEV model. The model takes into account the time element, the understanding of the term «value» and theoretical principles of ecosystem services.