What is Personal Property Appraisal?
To understand "Personal Property Appraisal", it helps to know what Personal Property is!
Personal Property is defined as any tangible asset ( touchable or movable articles like artwork, antiques, furniture and automobiles ) or intangible asset ( like copyright, plans of innovations or installation of art, designs, patterns, NFT and...) that are subject to ownership.
Personal Properties are Not classified as Real Property ( House, land and any permanent improvement to it).
Personal Property can be Appreciable or Depreciable.
Appreciable property generally increases in monetary value over time such as fine art, antiques and collectibles. Depreciable property decreases in value over time such as most automobiles, typical contemporary household furnishings or electronic equipment.
Personal Property Appraisal is a professional practice of identifying the item, researching, collecting data, analyzing, reasoning and reporting a credible numerical opinion of the monetary value or cost of an article in the most relevant market at a certain time.
These opinions are normally delivered in a formal appraisal report. Such reports must include a clear description of the intended use of the report, the appraised value or cost opinion and the analysis the appraiser undertook to arrive at that opinion. Appraisal reports must comply with detailed and rigorous established professional criteria including the Uniform Standards of Professional Appraisal Practice (USPAP) and with the ethical codes of the profession.
Who is a Professional Personal Property Appraiser?
Nowadays a Personal Property Appraiser is an educated and knowledgeable person who provides an opinion of the value or cost of personal property in a manner that is competent, independent, impartial and objective. But since appraising is an inexact science, personal property appraisers should have current credentials with a professional appraiser association, engage in required ongoing education and adhere to the strict codes of conduct and report writing standards established for the profession.