Which of the following are types of Highest and Best Use?

The concept of Highest and Best Use refers to the most profitable legal use of a property, which is a critical aspect of property appraisal. Among the different classifications, the types Vacant, Improved, and Interim Use represent distinct categories that property appraisers analyze when determining what uses of a property would yield the highest value.

Vacant properties are those that are not currently developed or utilized for any purpose. Improved properties have been developed with buildings or structures that contribute to their value. Interim Use is a temporary use of a property, typically employed until a more suitable, higher-value use can be realized, meaning the property might be generating income or utility in the meantime, which is essential for maximizing its highest value until a permanent solution is put in place.

In contrast, the other choices do not accurately encapsulate the foundational categories of Highest and Best Use. For instance, while Urban, Rural, and Transitional Use may describe general characteristics of land, they do not specifically define the highest and best uses as directly as the Vacant, Improved, and Interim Use do. Similarly, Full Use, Partial Use, and Temporary Use are not standard categories recognized in the appraisal process for determining the Highest and Best Use.