Place value can be defined as the numerical value representing a digit owing to its position in a number. Some examples of the various place values used in representing each digit are tenths, hundredths, thousandths, unit, tens, hundreds, thousands etc.
For example, in the number 43.55;
The place value of 4 is tens.
The place value of 3 is units.
The place value of 5 is tenths.
The place value of 5 is hundredths.
Rounding up to the nearest tenth simply means to have 1 significant figure after the decimal point.