01.01.1997 Toward a Better Understanding of Value-In-Use in Property Tax Appraisals
01.01.1997This article seeks to further the development of a common understanding of the value-in-use premise of value in the property tax context. The authors initially review the definitions of fair market value and value in use advanced by various appraisal authorities. They then review the concept of highest and best use and how it relates to a value-in-use appraisal. Finally, they analyze how the value-in-use premise affects the application of the traditional cost, comparable sales, and income approaches to value and suggest how the premise might be more constructively applied.
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