With vacant land, anything is possible. The property could be improved with anything from a residential subdivision, industrial property, local bakery or auto repair shop. With a vacant land appraisal, the highest and best use of the land must be determined before any attempt to value the property can be made.
When evaluating a parcel of vacant land we have – to determine if the land is zoned for residential, commercial or industrial use. Once the zoning and the corollary permissible uses of the land have been determined, the appraiser will begin the process of valuing the property.