What is Special Use Valuation?
Special use valuation is a unique method used in the field of real estate valuation to determine the value of properties that are used for specific purposes other than their primary use. This type of valuation is often required for properties that are owned by government entities or non-profit organizations, as well as for properties that are used for agricultural, conservation, or public welfare purposes. Understanding the concept of special use valuation is crucial for real estate professionals, government officials, and property owners alike, as it can significantly impact property taxes, development decisions, and the overall economic well-being of a community.
In this article, we will delve into the definition, purpose, and methodologies of special use valuation, highlighting its importance in various contexts. We will also discuss the challenges and considerations involved in conducting special use valuations, and explore how this approach can benefit both property owners and the community at large.
