This parameter is the Z value for the bottom of the part.
2 Axis operations
The Geometry parameter on the Cut Control tab controls this value.

Top
If Geometry is set to Top, then ZRange Filter Bottom Z value = the Z coordinate of the part, the Amount To Remove In Z.
Bottom
If Geometry is set to Bottom, then ZRange Filter Bottom Z value = Z, coordinate of the part.
Top Z
If Geometry is set to Top Z, then ZRange Filter Bottom Z value = the Top Z entry, the Amount To Remove In Z.
Bottom Z
If Geometry is set to Bottom Z, then ZRange Filter Bottom Z value = the Bottom Z entry.
3 Axis operations
The Bottom Z value is the lowest Z value on the part.