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If the value of the commercial lot as vacant in "House B" exceeds the value of house as a residence as improved plus demolition costs, the overall highest and best use of this property would be the as vacant value of the commercial lot. For example, assume that "House B" has a value as a house of $200,000, and a site value as a commercial lot ...
In the appraisal of property, assuming that a property is zoned commercially or can be rezoned for commercial uses when it is in fact zoned residentially and there is no reasonable expectation that it could be rezoned commercially. Such a hypothetical condition would have to be assumed in order to estimate the impact on value of a past downzoning.
A Uniform Residential Appraisal Report or URAR is one of the most common forms used in United States real estate appraisals. It was created to allow for standard reporting and analysis of single-family dwellings or single-family dwellings with an "accessory unit". It is also suitable for a building in a planned unit development (PUD) but is not ...
There’s no set number when it comes to closing costs. Typically, homebuyers pay around 2 percent to 5 percent of the home’s sale price in closing fees, while sellers pay slightly more ...
Cost approach. In real estate appraisal, the cost approach is one of three basic valuation methods. [1] The others are market approach, or sales comparison approach, and income approach. The fundamental premise of the cost approach is that a potential user of real estate will not, or should not, pay more for a property than it would cost to ...
Accounting for the lower property tax revenue at just a 4-cent increase, the newly proposed budget totaled $50 million, with the general fund coming in at $46 million.
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