What characterizes Interim Use of a property?

Interim use of a property is best characterized by the temporary use of the property until its highest and best use is realized. This concept acknowledges that the current use may not align with the property's potential and that it may be utilized for a different purpose in the future. For example, a vacant lot might be used for parking or storage in the short term, but the plan could be to eventually develop it into a commercial building or residential complex.

Understanding interim use is vital for appraisers as it affects property valuation and investment potential. This temporary usage allows property owners to derive income or actively use an asset while planning for a more optimal future use that could enhance the property's value.

Other options do not capture the essence of interim use. The final market value refers to a completed appraisal assessment rather than current usage. A projected future sale price does not consider interim function, and utilizing property for its longest term utilization suggests a stable, long-term occupation, which contradicts the transitory nature of interim use.