highest and best use definition
The definition of highest and best use of land as if vacant requires appraisers evaluate the following four criteria. Highest and best use.
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When determining what use would constitute the highest and best use the appraiser needs to consider many possible.
. The conclusion of a highest and best use study could very. Definition of highest and best use. In public appraisal and tax appraisal that use of land which would be the most economically advantageous over a given period of timewhile at the same time being.
Reconsidering the Definition of Highest and Best Use. Highest and best use or highest or best use HBU is a concept in real estate appraisal that shows how the highest value for a property is arrived. The Case for a Post-Disaster Highest and Best Use BYDONALDREPLEYPHDCCIMMAI About the Author Donald R.
The first two tests are interchangeable in order and. Dictionary of Business Terms. Real estate appraisal term meaning the legally and physically possible.
Highest and best use. The first definition of highest and best use is that it is the use for a piece of land or property in general that maximizes your net present value NPV. Highest and best use of a site is an integral part of the process to establish the fair value of an.
The reasonable probable and legal use of vacant land or an improved property which is physically possible. Highest Best Use Definition The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported financially feasible and. 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.
If the use is temporary it would then be considered the interim use. In any case where the market value of. Appraisers begin their highest and.
The reasonably probable and legal use of property that is physically possible appropriately supported and financially feasible and that results in the. Highest and best use. 1 legally permissible 2 physically possible 3 financially feasible and 4 most profitable.
In other words the highest and best. The four tests of highest and best use are. Highest and best use.
Highest and best use is the most profitable likely use to which a property can be put. Property13 Highest and best use and market value are tied to use since value is created through the use of the property. The definition of highest and best use is as follows.
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