highest and best use of land
The use must comply with laws regulations and ordinances. Whether the land is residential or farmland you have to recognize what the.
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The reasonably probable and legal use of vacant land or an improved property that is physically possible.
. The highest and best use is always one of the key factors you have to employ McGinnis says. Following the hotel example examine each piece of land and ask yourself if its. Is It Physically Possible.
If it is determined the property is beyond repair the highest and best use may be to demolish it. According to The Uniform Standards of Professional Appraisal Practice 2002 highest and best use is defined as The. Typically when we think of transitional land we think of an agricultural property whose highest and best use changes to commercial.
Terms in this set 32 the highest and best use of a property must be one that is. Everyone can envision the new big box. The standard used to evaluate.
This use must be legally permissible physically possible financially. The Appraisal Institute defines highest and best use as follows. The four criteria the highest and best use must meet are legal permissibility physical possibility financial feasibility and maximum productivity.
Roche Realty Group Blog. The vacant land may have more value for those wanting to build a new home in this great area. How to Determine the Highest and Best Use For your Land 1.
The reasonably probable and legal use of vacant land or an. The Fifth Edition of The Dictionary of Real Estate Appraisal by the Appraisal Institute defines highest and best use as. Highest and best use is the reasonably probable use of property that results in the highest value.
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. Valuation of Land Commercial Development. That reasonably probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that.
By Roche Realty Group. Highest and Best Use Example. Alternatively the probable use.
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