Place value of a digit in a number is its value when it is separated by expanding the number.
To understand it, an example is illustrated below.
*suppose we need to find the place value of 5 in a number 275689.
First we expand the number .
275689=200000+70000 + 5000+600 + 80 +9.
Therefore place value of 5 is 5000.
Note: In shortcut we can find the place value of 5 by writing the number 5 and putting zeros (000) to its right side equal to the number of digits (689) ie. 5000. See this image .