Highest and Best Use Issues - Special Situations

Course overview

This two-hour seminar provides continuing education for Michigan appraisers and assessors. The definition of highest and best use is reviewed including USPAP citations in Standards 1-3, 2-2 and 5-3. Court cases where highest and best use was an issue are identified. Special highest and best use issues are discussed including legal non-conforming uses, interim uses, multiple uses, special purpose properties and speculative uses. Actual examples of changing highest and best use by property sector (retail, office, industrial, residential and special purpose) are presented. A case study of a closed golf course property is included to illustrate the four tests of highest and best use. Participants are cautioned that the materials and examples developed in this seminar are for educational purposes. It may not be appropriate to specific appraisal problems encountered in your daily appraisal practice.