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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 ...
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 ...
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).
Kentucky is the fortieth richest state in the United States of America, with a per capita income of $26,779 (2017). Kentucky Counties by Per Capita Income [ edit ]
Current use is a phrase used to describe the present condition of land use and the corresponding scheme for property tax incentives for qualifying land owners (typically rural) who wish to preserve open space and avoid having their property assessed at the "best and highest" use that could be made of it (i.e., a housing development or a commercial use). [1]
Land Law addresses the legal mandates set forth by a country in regards to land ownership, while land rights refer to the social acceptance of land ownership. Landesa takes the stance that although the law may advocate for equal access to land, land rights in certain countries and cultures may hinder a group's right to actually own land. [ 2 ]