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Social Security System East Avenue, Diliman, Quezon CityPHILIPPINE BIDDING DOCUMENTS Fifth Edition October 2016PART IIProcurement of CONSULTING SERVICES HIRING OF CONSULTANT TO CONDUCT THE HIGHEST
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Highest and best use refers to the most profitable, legally permissible, physically possible, and financially feasible use of a property that will maximize its value.
Typically, property owners, especially those involved in real estate appraisal or property taxation assessments, are required to file highest and best use.
To fill out a highest and best use analysis, gather relevant data on the property, assess legal restrictions, identify potential uses, evaluate market demand, and document the analysis in a formal report.
The purpose of highest and best use is to determine the optimal use of a property to ensure that it is utilized in a manner that maximizes its value and return on investment.
Information required typically includes property description, zoning restrictions, market analysis, potential uses, and conclusions drawn from the analysis.
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