Personal property appraisals requires the appraiser to meet certain federal and state requirements, but currently no licensing is required.
According to 2016-2017 USPAP there is the Self-Contained Appraisal report which is the new “Summary Appraisal” as used in personal property appraisal. Many online Internet dictionaries and web sites vary in their comparing and contrasting the differences between these two definitions and types of appraisals.
To put it succinctly, the gist of the definitions is as follows: A Self-Contained Appraisal contains “extensive detail” significant to the objects being appraised, whereas a Summary Appraisal contains “moderate detail” significant to the objects being appraised. This is the new “Summary Appraisal” and is the most widely used appraisal report format.
The three standard Approaches of Value the appraiser may use in either one of the two appraisals mentioned above are: (1) Sales Comparison Approach; (2) Cost Approach; or (3) Income Approach. The “Sales Comparison Approach” is used in the vast majority of personal property appraisal reports.
The most commonly used Types of Values used by an appraiser in each appraisal report may include Fair Market Value, Market Value, Replacement Value, and Liquidation Value. “Fair Market Value” is used in the majority of appraisal reports.
Once our client explains their appraisal needs to us, the assigned liquor appraiser or wine appraiser will determine the type of appraisal report format. Our professionally qualified appraiser then chooses the correct Approach to Value and also the appropriate Type of Value for the specified appraisal report.
Our firm provides only Personal Property Appraisal services. We do not provide real property appraisals (i.e. building or land), business value appraisals, and or agricultural appraisals (i.e. vineyards and or orchards).