Property Valuation
When a West Virginia appraiser identifies the 'as-improved' value and the 'as-vacant' value of a property, the higher value is:
AAlways the as-improved value because improvements add value
BAlways the as-vacant value due to land scarcity
CWhichever reflects the highest and best use of the property✓ Correct
DDetermined by the lender's appraisal requirements
Explanation
The higher value reflects the highest and best use. In some cases, land is worth more vacant (tear-down value) if improvements have reached end of useful life. In others, the improvements add significant value. H&B use analysis determines which is higher.
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