Land Use & Zoning
What does 'highest and best use as vacant' mean in Hawaii appraisal?
AA. The best use assuming existing improvements are demolished
BB. The most productive use of the land assuming no improvements exist, used as the basis for land valuation✓ Correct
CC. The use designated by current zoning regardless of existing structures
DD. The use that generates the highest current income
Explanation
Highest and best use as vacant analyzes what use the land would ideally be put to if no improvements existed, determining the land's value as a development site.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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