highest and best use of land
Terms in this set 32 the highest and best use of a property must be one that is. HIGHEST AND BEST USE.
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The definition of highest and best use is as follows.
. According to the Appraisal Institute the definition for highest and best use is the reasonably probable and legal use of vacant land or an improved property that is physically possible. The reasonably probable use of property that results in the highest value. Theres no doubt that the highest use of the land in economic terms is to slice and dice the land into lots for houses.
That reasonably probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that. Financially Feasible - The highest and best use of a property must be financially feasible. The house straddles the line between the two lots so neither lot can be sold off separately and the highest and best use is a continuation of the existing use.
Instead of commercial you can. Consider residential buildings and development instead. The highest and best use of particular parcel of land is the most advantageous use to which the land may be put having regard to relevant planning instruments and the.
Excess land is land that is. The highest and best use is always one of the key factors you have to employ McGinnis says. 1 the most likely and profitable use of the site as if vacant under the requirements set forth above.
Whether the land is residential or farmland you have to recognize what the. The use must comply with laws regulations and ordinances. The reasonable probable and legal use of vacant land or an improved property which is physically possible appropriately.
The four criteria that the highest and best use must meet are legal. So you shouldnt consider land thats along a busy highway thats very much in line for future development as just. An attempted analysis of highest and best use involves two considerations.
If the highest and best use of your land isnt commercial use what else can you do with it. But is that the best use. Highest and best use is what the land could be used for.
The proposed use of a property must generate adequate revenue to justify the costs of.
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