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FEATURE Reconsidering the Definition of Highest and Best Use: The Case for a PostDisaster Highest and Best Use BY DONALD R. EPLEY, PH.D. CCIM, MAI INTRODUCTION has been recently impacted by a natural.

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  3. Proceed to the section pertaining to the definition of the highest and best use. Here, you will need to provide detailed insights based on your evaluation of the property in question, ensuring that you consider unique factors that may have arisen due to disasters.
  4. Next, review the questions regarding the applicability of the existing highest and best use valuation methods in the post-disaster context. Carefully consider each question and provide well-reasoned answers supported by data or referenced literature where applicable.
  5. Move on to sections that require your analysis of market conditions. Reference any past data, current sentiments, or comparable cases to justify your insights.
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Here's a breakdown of the four criteria that Highest and Best Use must meet. Physically possible. You must consider the size, shape, topography, and accessibility of the site when determining if it is physically possible. ... Legally permissible. ... Financially feasible. ... Maximally productive.

The definition requires three conclusions from a highest and best use analysis: the use, the timing of the use, and the most likely users of the prop- erty. The three requirements are interwoven and necessary for a clear understanding of the future use of a property.

Highest and best use, defined ing to The Appraisal Institute the highest and best use of a property is defined as: "The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and that results in the highest value."

The appraiser determines highest and best use of a site as the reasonable and probable use that supports the highest present value on the effective date of the appraisal.

Market Value is based upon the Highest and Best Use of a property, rather than the Actual Use of a property as of the effective date, which is required to perform the Value in Use Appraisal.

A highest and best use study seeks to identify which use would bring maximum value to a piece of vacant land or an improved parcel. A highest and best use analysis for a given property must meet certain criteria that flow in sequential order.

Concept of Highest and Best Use. The concept of highest and best use requires that each property be appraised as though it were being put to its most profitable use (highest possible present net worth), given probable legal, physical, and financial constraints.

The concept of highest and best use is one of the fundamental principles that underlie real estate appraisal. Highest and best use requires that the appraisal considers not just the current use of the property but also the potential value associated with alternative uses.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232