highest and best use of land

Tuesday, September 27, 2022 Edit

By Roche Realty Group. This use must be legally permissible physically possible financially feasible.

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The Appraisal Institute defines highest and best use as follows.

. The first two tests are interchangeable in order and. Regardless of property type the approach to determine highest and best use is the same. The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported financially feasible and that results in the highest value.

Valuation of Land Commercial Development. Roche Realty Group Blog. That reasonably probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that.

Highest and best use is a fundamental consideration in estimating land value. The lands highest and best use may be limited due to several factors which we already know to be either governmental or private restrictions legal. 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.

Instead of commercial you can. Consider residential buildings and development instead. Above weve used highest and best use in the definitions of excess and surplus land.

Highest and best use is the reasonably probable use of property that results in the highest value. Highest and Best Use of Land as if Vacant The definition of highest and best use of land as if vacant requires appraisers evaluate the following four criteria. The value of the land is enhanced by.

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. What does highest and best use mean.

1 legally permissible 2 physically possible 3 financially feasible and 4 most profitable. Highest and best use can be defined as the. Land value is a component of the highest and best use of a property.

The standard used to evaluate. 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 possible.

Two functions are served when an.

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