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highest and best use

   Also found in: Acronyms, Wikipedia 0.07 sec.
highest and best use

In public appraisal and tax appraisal, that use of land which would be the most economically advantageous over a given period of time,while at the same time being legally, financially,and physically possible.A 5-acre residential estate within minutes of downtown Houston would have a highest and best use if it were developed for offices,and therefore should be appraised with that use in mind.Many property tax laws allow exemptions and appraisal at current use rather than highest and best use.



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It promotes reducing waste whenever possible, managing all materials to their highest and best use and protecting public health and safety and the environment.
The quasi-industrial operations of a utility are not the highest and best uses of the riverfront area, which with the construction of the new federal courthouse nearby could one day become an attractive portion of the city's core area.
It allocates the plywood to the highest and best uses.
 
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