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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.
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 ...
The order limits this use by stating that it may not be used "for the purpose of advancing the economic interest of private parties to be given ownership or use of the property taken." [15] However, eminent domain is more often exercised by local and state governments, albeit often with funds obtained from the federal government.
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.
A "fee simple" is real property held without limit of time (i.e., permanently) under common law, whereas the highest possible form of ownership is a "fee simple absolute", which is without limitations on the land's use (such as qualifiers or conditions that disallow certain uses of the land or subject the vested interest to termination). [1]
For Chavez Ravine families, restitution could come in the form of land, cash payments or access to city programs such as affordable-housing assistance, said Alfred Fraijo, an L.A. real estate and ...
To get there, the state seeks to conduct 1.5 million acres of wildfire risk reduction activity per year by 2030; 2 million acres per year by 2038, and 2.5 million acres per year by 2045, most of ...
California has now conserved 25.2% of its lands and 16.2% of its coastal waters with a little more than five years left to conserve 30% of each, officials say. With 25% of state land protected ...