What is 'highest and best use' in the context of WA property valuation?
Correct Answer
B) The legally permissible, physically possible, feasible use producing the highest value
Highest and best use is a fundamental valuation concept that considers the use of the land that is legally permissible (under WA planning laws), physically possible (given the land's characteristics), financially feasible, and maximally productive. It is a key consideration in determining market value.
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