Property Valuation
In NC, the 'highest and best use' of a property is defined as the:
AUse that generates the highest gross income
BLegally permissible, physically possible, financially feasible, and maximally productive use✓ Correct
CCurrent zoned use of the property
DUse designated by the local comprehensive plan
Explanation
Highest and best use is the reasonably probable use of a property that is legally permissible (zoning), physically possible (site characteristics), financially feasible (market supported), and maximally productive (highest value). It forms the foundation of all appraisals.
Related North Carolina Property Valuation Questions
- External (economic) obsolescence in real estate is characterized as:
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