Highest and best use definition

Highest and best use means the reasonably probable legal use of a property that is physically possible, appropriately supported, and financially feasible and that results in the highest value of the property.

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Highest and best use means the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.

Highest and best use means the reasonably probable legal use of a

Examples of Highest and best use in a sentence

• SITE PLAN UNIT FLOOR PLANS HIGHEST AND BEST USE Highest and best use is defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value." In appraisal practice, the concept of highest and best use is the premise upon which value is based.

• Highest and best use is defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value." In appraisal practice, the concept of highest and best use is the premise upon which value is based.

• Highest and best use means an appraiser's supported opinion of the most probable and legal use of a property, based on market evidence, as of the date of valuation.

• Owner- Date Owner- HIGHEST AND BEST USE EXAMPLE Highest and best use is defined by "Real Estate Appraisal Terminology" as follows: "That reasonable and probable use that supports the highest present value, as defined, as of the effective date of the appraisal.

• Highest and best use is defined as "The reasonable probable and legal use of property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value." In estimating highest and best use of the real estate assets, the uses will be submitted to four different analyses (i.e., physically possible, legally permissible, financially feasible, and most profitable).

More Definitions of Highest and best use

Highest and best use means the reasonably probable and lawful use of property, that is physically possible, financially feasible, and that results in the highest value;

Highest and best use means the legal use that will produce the highest return to the trust over an extended period of time, including interim use.

Highest and best use means the physically possible, legally permissible, financially feasible, and maximally productive use of a property, as appraised in accordance with RSA 75:1. Rev 601.26 Improvement means any physical change to either land or to buildings that may affect value. Rev 601.27

Highest and best use means the reasonably probable and legal use of vacant land or improved property, which is physically possible, for which demand is appropriately evidenced, supported, financially feasible, and that results in the highest value.

Highest and best use means the most likely use to which a property can be put, which will produce the highest monetary return from the property, promote its maximum value, or serve a public or institutional purpose. The highest and best use determination must be based on the property’s economic potential, qualitative values (social and environmental) inherent in the property itself, and other utilization factors controlling or directly affecting land use (e.g., zoning, physical characteristics, private and public uses in the vicinity, neighboring improvements, utility services, access, roads, location, and environmental and

Highest and best use means a feasible alternative use that is not remote. A practical guide to this is that an alternative use should only be considered to be feasible where it can be demonstrated that it can be achieved in the relatively near future (say the next five years) rather than at some remote future time.

Highest and best use. As Though Vacant: A 222-unit good quality apartment development As Though Improved: Continue use as a 240-unit apartment complex Valuation Summary: Estimated Land Value: $1,350,000 Value by the Cost Approach: $9,000,000 Value by the Sales Comparison Approach: $8,900,000 Value by the Income Capitalization Approach: $9,300,000 Final Estimate of Value: "AS IS" - Fee Simple: $9,200,000 Marketing Time: 6 Months Subject Photographs View Of Apartment Building From Parking Area Of Public Tennis Facility Interior View Of Apartment Unit Cover Page Letter Of Transmittal Summary Of Important Facts And Conclusions Subject Photographs Introduction Page