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The Test of Highest and Best Use is applied to an improved property both as improved and as if vacant. Vacant properties are generally only given the as vacant test. The Highest and Best Use as vacant may be the same or different as the Highest and Best use as improved.
This is commonly applied to property used for farming, forestry, or other uses common in the jurisdiction. Some jurisdictions value property at its "highest and best use", with some of these providing exceptions for homes or agricultural land. [33] Special valuation issues vary widely among jurisdictions.
Market value is the prevailing, but not exclusive measure of determining the just compensation owed to a landowner under the Fifth Amendment. Fair Market Value is defined by appraisers as the most probable price, in terms of cash that would be paid by a willing buyer to a willing seller, each being fully informed of the property's good and bad features, with the property being exposed on the ...
A multiple listing service (MLS, also multiple listing system or multiple listings service) is an organization with a suite of services that real estate brokers use to establish contractual offers of cooperation and compensation (among brokers) and accumulate and disseminate information to enable appraisals.
Kentucky’s median household income is $55,454, according to the U.S. Census Bureau. Clay County had the highest poverty level among the 10 poorest counties at 35.9%, the Census Bureau reports ...
Zoning is a law that divides a jurisdiction's land into districts, or zones, and limits how land in each district can be used. [1] [2] In the United States, zoning includes various land use laws enforced through the police power rights of state governments and local governments to exercise authority over privately owned real property. [3]
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West Virginia, New Mexico, and Vermont had the highest home ownership rate for Hispanics in 2021. For Asian Americans, in 23 states this group had a homeownership rate higher than the national ...