H & B Use Definition

[Atlanta CG]

I do not have the most recent edition of the Appraisal Dictionary. I know there is one minor word change in the most current definition. Can someone possibly post it here? I would sincerely appreciate it.
Thanks

 

[Carnivore]

The Dictionary of Real Estate Appraisal, fourth edition, Appraisal Institute


highest and best useThe reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasi-bility, and maximum productivity.

highest and best use of land or a site as though vacant
Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination. The use of a property based on the assumption that the parcel of land is vacant or can be made vacant by demolishing any improvements.

highest and best use of property as improved
The use that should be made of a property as it exists. An existing improvement should be renovated or retained as is so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one.

 

[Steve Owen]

I like it, Andrew. Can you give use the source?

 

[Fred]

highest and best useThe reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity

Yeah, but HBU doesn't necessarily result in the highest value.

 

[Tina]

:mellow: H&BU renders the greatest return to the land???

TB