highest and best use

highest and best use
In real estate valuation (e.g. in condemnation proceedings) the use of land or buildings which will bring the greatest economic return over a given time. This method of valuation requires expert to determine what condemned property's fair market value would realistically be if owner were hypothetically allowed to adapt his property to its most advantageous and valuable use. Raleigh-Durham Airport Authority v. King, 75 N.C.App. 57, 330 S.E.2d 622, 626

Black's law dictionary. . 1990.

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