Which principle of value relates to the highest and best use of a property?

The principle of value that relates to the highest and best use of a property is anticipation. This principle emphasizes that the value of a property is significantly influenced by its future potential and the benefits it can generate in the future when used in the most productive manner. Anticipation involves looking ahead to understand how current trends or future developments can enhance a property's value based on its ideal usage.

In terms of highest and best use, this principle acknowledges that a property's value is maximized when it is put to its most efficient and productive use. This consideration might involve analysis of zoning laws, market demand, and physical characteristics of the property, among other factors, all with the goal of determining the most beneficial use that can be anticipated in the future.

The other principles—conformity, contribution, and substitution—while important in property valuation, do not specifically relate to predicting and valuing the future highest and best use as directly as anticipation does. Conformity relates to how similar properties influence value, contribution measures how improvements add value, and substitution focuses on the principle that a buyer won't pay more for a property than the cost to acquire an equally desirable substitute. Thus, anticipation is key in recognizing and evaluating the potential future value tied to a property’s best use