Property Valuation
The 'highest and best use' of a property is defined as the use that is:
AThe current legal use approved by the city
BLegally permissible, physically possible, financially feasible, and maximally productive✓ Correct
CThe use that generates the most gross income
DThe use that the current owner desires for the property
Explanation
Highest and best use is the foundational concept in appraisal — it is the reasonably probable and legal use that is physically possible, appropriately supported (financially feasible), and results in the highest value for the property.
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