I have done this and it's not working
$("#txtLowValue").val('');
$("#txtLowValue").val();
and this is the text box
$('#txtLowValue').kendoNumericTextBox({
    format: "##",
    decimals: 0,
    spinners: false,
    min: 0,
    max: 999998
});
Here is a simple example for you to test.
http://dojo.telerik.com/IQaSE
The important bit is this:
$('#txtLowValue').data("kendoNumericTextBox").value(null);
here is a link to the api documentation: value
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