HIGHEST AND BEST USE. THE REASONABLE PROBABLE AND LEGAL USE OF VACANT LAND OR IMPROVED PROPERTY, WHICH IS PHYSICALLY POSSIBLE, APPROPRIATELY SUPPORTED, FINANCIALLY FEASIBLE, AND THAT RESULTS IN THE HIGHEST VALUE. LAND OR SITE AS THOUGH VACANT PROPERTY AS IMPROVED.
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
1) IF THE LAND IS , OR WERE, VACANT, WHAT USE SHOULD BE MADE OF IT?
2) WHAT TYPE OF BUILDING OR OTHER IMPROVEMENT, IF ANY, SHOULD BE CONSTRUCTED ON THE LAND AND WHEN?
MUST CONFORM WITH ZONING, BUILDING CODES, ENVIRONMENTAL REGULATIONS, ETC.
RELATES TO THE SIZE, SHAPE, AREA, TERRAIN, AND ACCESSIBILITY OF THE LAND.
ALL USES THAT CAN BE EXPECTED TO YIELD A POSITIVE RETURN ARE FINANCIALLY FEASIBLE. THE NET RETURN IS AFTER ALLOWANCE FOR A REQUIRED RATE OF RETURN ON THE INVESTED CAPITAL.
OF THE FINANCIALLY FEASIBLE USES, THE ONE THAT PRODUCES THE HIGHEST RESIDUAL LAND VALUE CONSISTENT WITH THE RATE OF RETURN WARRANTED BY THE MARKET FOR THAT USE IS THE HIGHEST AND BEST USE.
FOR AGRICULTURAL PROPERTIES: