highest and best use of land

If the highest and best use of your land isnt commercial use what else can you do with it. According to the local zoning and planning department typically at the county or city level what are you allowed to do with.

One of the earliest citations of the term is found in the Minutes of the Maine Legislature as early as 1831 in speaking about the assessment and valuation of real estate.

. The highest and best use analysis concept is a form of real estate appraisal that considers not only the best use of the property but any potential use or gains that may come from future ventures. The use must be consistent with the site characteristics and physical features of the property. Consider residential buildings and development instead.

Highest and Best Use is the likely use selected from a number of available choices to which an area of land or a building may be put based on what is physically possible and in compliance with zoning and building regulations and which at the time of an appraisal produces the most profitable present value of the land. The four criteria the highest and best use must meet are. The reasonable 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 most cases the legally permitted use is determined. Roche Realty Group Blog. It should be recognized that in cases where a site has existing improvements on it the highest and best use may be determined to be different from the existing use.

I hate this term. Valuation of Land Commercial Development. The use must comply with laws regulations and ordinances.

Highest and best use can be defined as the reasonable 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. Just remember that properties with five or more units are considered commercial property. Highest and best use analysis in commercial real estate allows investors to add value to a potential property through improving vacant land or a property.

The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported financially feasible and that results in the highest value. The Appraisal Institute defines highest and best use as follows. Thus determining the highest and best use of a property will help an investor find the most profitable use.

And while it may be that the highest and best use of a particular parcel of law is its. The typical and somewhat formal definition of highest and best use is as follows. The legal use of land or improved property which at any.

To begin with a site needs to be physically large enough for the application. Instead of commercial you can consider building single-family detached residential homes condos or townhomes. What Are The 4 Tests Of Highest Best Use.

The Fifth Edition of The Dictionary of Real Estate Appraisal by the Appraisal Institute defines highest and best use as. Terms in this set 32 the highest and best use of a property must be one that is. 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.

Essentially the concept of highest and best use entails selecting. Uses That Are Physically Possible. Highest and best use is generally defined as the use of land or property that produces the highest value.

The standard used to evaluate and measure land use and commercial development has always been What is the highest and best use of the site. The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported financially feasible and that results in the highest value. Whether the land is residential or farmland you have to recognize what the trends are going to be Often the highest and best use involves transitioning the land from its current useas a family farm for exampleto a commercial use such.

Highest and Best Use or highest or best use HBU is a concept that originated with early economists such as Irving Fisher 1867-1947 who conceptualized the idea of maximum productivity. The most probable legal use of a property based on market evidence as to the date of valuation expressed in an appraisers supported opinion. The highest and best use is always one of the key factors you have to employ McGinnis says.

The highest and best use for a property is the use that is found to be-legally permissible-physically possible-financially feasible-maximally productive relies on that analysis to then identify the most profitable competitive use to which the subject property can be put. Highest And Best Use Highest And Best Use. The use must add more value than it costs to implement.

The Land Patents accepts no liability for the content of this data or for the consequences of any actions taken on the basis of the information. To me it proposes two potentially opposite. Download Citation The highest and best use of land in the city.

By Roche Realty Group. With any property there are three possibilities for determining highest and best use. Alternatively highest and best use is that use from among reasonable probable and legal alternative uses found to be physically feasible and which results in the highest land value.

Valuing urban agriculture in Philadelphia and Chicago United States cities have developed urban agriculture support systems.

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