HIGHEST AND BEST USE ANALYSIS (Page 16 of the Guide) According to the Glossary for Property Appraisal and Assessment (Chicago: International Association of Assessing Officers, 1997) the highest and best use is defined as: principal of appraisal and assessment requiring that each property be “A appraised as though it were being put to its most profitable use (highest possible present net worth), legal, physical, and financial constraints. The principle entails first identifying the most appropriate market, and second the most profitable use within that market. The concept is most commonly discussed in connection with underutilized land.” Highest and Best Use Criteria The site was evaluated for highest and best use as currently improved and as if vacant. In both situations a highest and best use analysis must include consideration of the following criteria: Legally permissible, Physically possible, Financially feasible, and Most profitable use. Highest and Best Use Of Property As If Vacant: Legally Permissible Physically Possible Financially Feasible Maximally Productive Use The ideal improvement for this property would be described as . Highest and Best Use of Property As Improved:
HIGHEST AND BEST USE ANALYSIS (Page 16 of the Guide) According to the Glossary for Property Appraisal and Assessment (Chicago: International Association of Assessing Officers, 1997) the highest and best use is defined as: “A principal of appraisal and assessment requiring that each property be appraised as though it were being put to its most profitable use (highest possible present net worth), legal, physical, and financial constraints. The principle entails first identifying the most appropriate market, and second the most profitable use within that market. The concept is most commonly discussed in connection with underutilized land.” Highest and Best Use Criteria The site was evaluated for highest and best use as currently improved and as if vacant. In both situations a highest and best use analysis must include consideration of the following criteria: Legally permissible, Physically possible, Financially feasible, and Most profitable use. Highest and Best Use Of Property As If Vacant: Legally Permissible Physically Possible Financially Feasible Maximally Productive Use The ideal improvement for this property would be described as . Highest and Best Use of Property As Improved:
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