highest and best use of land

Tuesday, November 15, 2022 Edit

The existing use will continue however unless and until land value in its highest and best use exceeds the total value of the property in its existing use In my opinion the highest and. 1 the most likely and profitable use of the site as if vacant under the requirements set forth.

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According to the local zoning and planning department typically at the county or city level what are you allowed to do with.

. Highest and best use is the reasonably probable use of property that results in the highest value. Terms in this set 32 the highest and best use of a property must be one that is. Or perhaps more accurately Fannie Mae seems to have.

Fannie Maes New Highest and Best UseBy Lee Lansford and Richard Heyn. If the highest and best use of your land isnt commercial use what else can you do with it. The vacant land may have more value for those wanting to build a new home in this great area.

Highest and best use is what the land could be used for. The use must comply with laws regulations and ordinances. Highest and Best Use of Land as if Vacant The definition of highest and best use of land as if vacant requires appraisers evaluate the following four criteria.

Instead of commercial you can. That reasonably probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that. An attempted analysis of highest and best use involves two considerations.

So you shouldnt consider land thats along a busy highway thats very much in line for future development as. Consider residential buildings and development instead. Fannie Mae seems to have a problem with excess land.

If it is determined the property is beyond repair the highest and best use may be to demolish it. This use must be legally permissible physically possible financially. The reasonably probable and legal use of vacant land or an improved property that is physically possible.

The Appraisal Institute defines highest and best use as follows.

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