Compliant, Correct and Professional
Written personal property appraisals may be needed for a variety of purposes:
Insuring objects of value.
For federal tax function obligations (including estate settlement and donation valuation).
Calculating market value before offering an item for sale.
Edward can help. He will produce an appraisal that is compliant with the Uniform Standard of Professional Appraisal Practice (USPAP) guidelines: professional, accurate, impartial and timely.
WHAT IS AN APPRAISAL?
An appraisal is the act or process of developing an opinion of value and reporting it.
An appraisal should be compliant with the Uniform Standards of Professional Appraisal Practice (USPAP) and be developed by a qualified appraiser.
A qualified appraiser is one who has experience, professional training, professional organization membership and complies with USPAP.
Edward Kitson is a qualified appraiser, with valuation experience since 2005, professional training and membership in the International Society of Appraisers. In addition Edward maintains compliance with the current USPAP standards and obligatory refresher courses.
WHAT DOES AN APPRAISAL COST?
The cost of an appraisal depends on what needs to be done. We charge an hourly rate of $120 for appraisal work. For select projects we can work on a flat fee basis. Contact us and we can discuss your project and costs further.
We do not charge based on a percentage of the valuation, this is a clear ethical violation and you should avoid anyone who does this!
WHAT ARE THE KINDS OF APPRAISALS?
There are three broad types of appraisal value determinations, dictated by the intended use of that appraisal.
There are appraisals that determine value. This is the type of appraisal you would typically want for a Federal tax function such as an estate settlement or charitable donation. This is also the value often used for divorce or even to find out how much something is worth in the market.
Some appraisals estimate cost. These are typically appraisals for actions that have not yet happened, for example to ensure adequate insurance coverage. Simply, what would it likely cost to replace your personal property with similar items in the event of a future loss?
The final broad type of appraisal results in a calculation of present worth. This type of appraisal is usually used for properties that are expected to produce income in the future. For example, you have art prints that you expect to sell over a period of time. What are they worth today based on expected future earnings?
HOW DO YOU CUSTOMIZE YOUR SERVICES?
Each project is unique and addressed with a project specific scope-of-work.
If you need an appraisal of a special item or have special circumstances we will tailor our work to your needs. We consult with outside experts as needed and will decline work that we are not qualified to undertake.