Property Valuation
What does 'highest and best use' mean in Rhode Island real estate appraisal?
AThe most expensive use of the property
BThe legally permissible, physically possible, financially feasible, and maximally productive use of a property✓ Correct
CThe use most desired by the current owner
DThe use that generates the most tax revenue for the municipality
Explanation
Highest and best use is the reasonably probable use of a property that is legally permissible, physically possible, financially feasible, and maximally productive—producing the highest property value.
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