Property Valuation
The principle of highest and best use in Alaska appraisal requires that the use be:
AThe use currently in place on the property
BLegally permissible, physically possible, financially feasible, and maximally productive✓ Correct
CThe use most recently approved by the local planning department
DThe use that generates the most rent regardless of cost
Explanation
Highest and best use is the legally permissible, physically possible, financially feasible use that produces the highest land value. Appraisers consider this for both the land as if vacant and the property as improved.
Related Alaska Property Valuation Questions
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