2.3.3.1. Highest and Best Use.The appraiser’s determination of highest and best use is one of the most important elements of the entire appraisal process. Therefore, appraisers must apply their skill with great care and clearly support the highest and best use conclusion in the appraisal report.

The highest and best use of the land, as if vacant, is addressed first. If the land is improved, the highest and best use of the property, as improved, is then addressed. In some cases, the highest and best use of property cannot be reliably determined without extensive marketability and/or feasibility studies, which in complex cases may require the assistance of special consultants. 64