Property Valuation
What is 'floor area ratio' (FAR) and how does it relate to Delaware commercial property value?
AThe ratio of usable floor space to total floor space in a building
BA zoning tool expressing the ratio of total building floor area to the lot area — higher FAR allows more building, creating higher development value potential for the land✓ Correct
CThe ratio of floor area to wall area in a building
DDelaware's formula for calculating property tax based on floor area
Explanation
Floor Area Ratio (FAR) = Total Building Floor Area ÷ Lot Area. FAR is a zoning control limiting building density. Example: FAR of 2.0 on a 10,000 sq ft lot allows 20,000 sq ft of building. Higher FAR zoning allows more development, potentially increasing land value for commercial properties in Delaware's urban areas.
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