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Old Posted Mar 28, 2019, 3:43 PM
Philly Fan Philly Fan is offline
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Quote:
Originally Posted by iheartphilly View Post
uh huh, if you say so. clearly we disagree on the assessment process. So, the city should challenge current assessments and see where it goes on surface lots. I'm sure they can move the needle a bit, but not to the point where you think they can. And, like I've intimated before, I'm all for re-assessment comparable to other surface parking lot in the same vicinity, but not on potential values of a different use or purpose for the lot.
I repeat: HIGHEST AND BEST USE. It's a widespread and well established basis for appraising the value of vacant lots. For example:

Quote:
Highest and Best Use

A property must be appraised in terms of its highest and best use.

The definition of highest and best use is as follows:

The reasonable, probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.
http://www.duncanbrown.com/highest-and-best-use


Google "highest and best use" and you'll see lots more:

https://www.google.com/search?q=high...hrome&ie=UTF-8
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