Highest and best use and the special purpose property

Appraisers should give highest and best use the same degree of attention that they give the measurement of value for special purpose properties. Some properties have unrealized potential for other uses in addition to the special purpose. The maximally productive criterion of highest and best use dem...

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Bibliographic Details
Published inThe Appraisal journal Vol. 64; no. 2; p. 195
Main Authors Finch, J Howard, Casavant, Richard
Format Journal Article
LanguageEnglish
Published Chicago Appraisal Institute 01.04.1996
Subjects
Appraisers
Automobile dealers
Best use
Estimating techniques
Fair market value
Market value
Radio stations
Real estate appraisal
State court decisions
Telecommunications towers
Valuation
Zoning
United States > US
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Summary:Appraisers should give highest and best use the same degree of attention that they give the measurement of value for special purpose properties. Some properties have unrealized potential for other uses in addition to the special purpose. The maximally productive criterion of highest and best use demands the consideration of alternative uses in a valuation assignment. Appraisers should account for the concepts of value in use, and uses and contribution in their analysis of the highest and best use of a special purpose property. Integrating unrealized potential uses with the special purpose will result in a more complete evaluation of approximate true market value.
ISSN:0003-7087