Highest and best use definition

Highest and best use means the rea- sonable and most probable use of the property that would result in the high- est market value of vacant land or im- proved property, as of the date of valu- ation; or that use, from among reason- ably probable and legally alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in the high- est land value.
Sample 1Sample 2Sample 3
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.
Sample 1Sample 2Sample 3
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.
Sample 1Sample 2Sample 3

Examples of Highest and best use in a sentence

  • Highest and best use of a site is an integral part of the process to establish the fair value of an investment property.

  • Highest and best use is defined by IVSC as: The most probable use of a property which is physically possible, appropriately justified, legally permissible, financially feasible, and which results in the highest value of the property being valued.

  • The revaluations of land and non-clinical buildings have been undertaken by the Valuer General's Office in Western Australia, on the following bases: Land (clinical site) Market value for Current use Land (non-clinical site) Market value for Highest and best use Buildings (non-clinical) Market value for Highest and best use Recent valuations on this basis are equivalent to fair value.

  • Highest and best use is the most profitable, likely use to which a property can be put.

  • Highest and best use takes account of use that is physically possible, legally permissible and financially feasible.


More Definitions of Highest and best use

Highest and best use means the reasonably probable legal use of a
Sample 1Sample 2Sample 3
Highest and best use means the most probable legal use of a property, based on market evidence as of the date of valuation, expressed in an ap- praiser’s supported opinion.
Sample 1Sample 2Sample 3
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;
Sample 1Sample 2Sample 3
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
Sample 1Sample 2Sample 3
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.
Sample 1Sample 2Sample 3
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.
Sample 1Sample 2Sample 3
Highest and best use means the most likely use to which a property can be put, which will produce the highest mone- tary 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) inher- ent in the property itself, and other utilization factors control- ling or directly affecting land use (e.g., zoning, physical characteristics, private and public uses in the vicinity, neigh- boring improvements, utility services, access, roads, location, and environmental and historical considerations). Projected highest and best use should not be remote, speculative, or con- jectural.
Sample 1