If the highest and best use, as vacant, is one use, and the highest and best use of the property, as improved, is another use, the property must be valued under its highest and best use.
What is property?
- A system of rights called property also refers to the valued items themselves and grants individuals legal power over them.
- Depending on the type of property, an owner may have the right to use it properly under the granted property rights, alter it, share it with others, redefine it, rent it, pawn it, sell it, exchange it for another piece of property, give it away, or destroy it.
- However, regardless of the type of property, an owner may have the right to prohibit others from doing any of these things.
What is the concept of property?
- Property, an object of legal rights, which embraces possessions or wealth collectively, frequently with strong connotations of individual ownership.
- In law the term refers to the complex jural relationships between and among persons concerning things.
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