IMA IPTI Webinar: Highest and Best Use Considerations
Value in Use vs. Value in Exchange
Real property’s value can be defined in economic terms. Real property has two types of economic value: value-in-use and value-in-exchange. Value-in-use is a value to an owner who uses the property in a way that suits him/her. All properties have value-in-use to their owners. When exposed to the market, these properties may command quite different market prices (value-in-exchange) which presumably is based on their possible highest and best use as allowed by the governing zoning bylaws and market conditions. These concepts will be fully explained during this Webinar.
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