highest and best use of land

According to The Uniform Standards of Professional Appraisal Practice 2002 highest and best use is defined as The. 1 legally permissible 2 physically possible 3 financially feasible and 4 most profitable.

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Valuation of Land Commercial Development.

. The four tests of highest and best use are. The reasonably probable and legal use of vacant land or an improved property that is physically. Roche Realty Group Blog.

The standard used to evaluate. Rather it must be appraised in terms of its highest and best use. The Appraisal Institute defines highest and best use as follows.

Highest and Best Use Example. Often the highest and best use involves transitioning the land from its current useas a family farm for exampleto a commercial use such as a multifamily residential. The use must be.

Highest and best use is the reasonably probable use of property that results in the highest value. Instead of commercial you can. Regardless of property type the approach to determine highest and best use is the same.

The typical and somewhat formal definition of highest and best use is as follows. The highest and best use of a specific parcel of land is not determined through subjective analysis by a property owner developer real estate agent or appraiser. This use must be legally permissible physically possible financially feasible.

If the highest and best use of your land isnt commercial use what else can you do with it. When analyzing vacant land the amount of land and how it is zoned are two. By Roche Realty Group.

The highest and best use of a property must be one that is. The use must comply with laws regulations and ordinances. Highest and best use.

Consider residential buildings and development instead. Highest and Best Use is the likely use selected from a number of available choices to which an area of land or a building may be put based on what is physically possible. The reasonable probable and legal use.

The reasonably probable and legal use of property that is physically possible appropriately supported and financially feasible and that results in the highest value. The first two tests are interchangeable in order and.

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