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Highest & Best Use

IN REAL ESTATE APPRAISALS

For a Market Value appraisal, a property must be appraised in terms of its highest and best use.  Highest and best use us 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.

Use is value and Market Value is use at its highest & best
— Gatlin Fenwick, Chief Appraiser