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Definitions of highest and best use:

That possible use of land that will produce the greatest net income and thereby develop the highest land value.
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The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability.
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An appraisal and zoning concept that evaluates all the possible, permissible and profitable uses of a property to determine the use that will provide the owner with the highest net return on investment in the property, consistent with existing neighboring land uses.
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That use which, at the time of appraising the property, is most likely to produce the greatest net return to the land and/or the building over a given period of time.
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The property use that at a given time produces the greatest net worth return.
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The notion that land is allocated the use that earns the highest location rent (S&dS).
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The use of a parcel of land which will produce the greatest current value.
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All land is appraised "as if vacant and available for its highest and best use." It is one of the most important principles in valuation and can have tremendous impact on the value of a property. The highest and best use of the land must be legally and economically possible. It is the most profitable use of the land and must be physically possible.
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The use of land or buildings which will bring the greatest economic return over a given time which is physically possible, appropriately supported and financially feasible.
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An appraisal term referring to the most profitable use of land; That use or program of utilization which will produce the maximum net returns imputable to land over the total period comprising the future.
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The utilization of land in a manner that would generate the greatest return on investment on it.
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The use of property, which will result in its highest value. In an appraisal this cannot be merely theoretical but must be realistic in that the use must be legal (proper zoning, etc.), physically achievable and financially feasible.
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As used in the Cost Approach -- That use of real property, which if employed to its most effective highest use, will result in a higher sale price. In appraisal practice, this can become one of the most intricate aspects of an appraisal report. Tests to establish the highest and best use include analyzing the physical use of the property, legal use of the property, economic feasibility and the anticipated future use of the property.
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