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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.
In order to account for the usage of the land, the net operating income is reduced by the Liegenschaftszins (interest paid to the land-owner by the owner of the building, i.e., ground rent). The Liegenschaftszins is the product of the land value and the Liegenschaftszinssatz (interest rate for land use).
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 ...
When, for instance, a property is rezoned for higher-value uses, or nearby public improvements raise the value of a piece of private land, a property owner is "bettered" due to the actions of others. Because of this, capturing the value of betterment for the public through taxation or other means is a common policy approach.
The Land Registry has been dealing with the registration of all transactions (purchase, sale, mortgage, remortgage and other burdens) concerning registered land since 1892, and issued land certificates which are a state guarantee of the registered owner's good title up to 1 January 2007. Land Certificates have been abolished by virtue of ...
However, new types of land ownership is generally disallowed, under the numerus clausus principle, unless they are introduced by legislation. [13] In most states, full ownership of land is known as fee simple, fee simple absolute, or fee. [14] Fee simple refers to a present interest in the land, which continues indefinitely into the future. [14]
the use of the extraordinary assumption is required to properly develop credible opinions and conclusions; the appraiser has a reasonable basis for the extraordinary assumption; use of the extraordinary assumption results in a credible analysis; and the appraiser complies with the appropriate disclosure requirements (as proscribed elsewhere in ...