Personal Property Appraisal
Personal Property Appraisal
A personal property appraisal is a professional assessment of the value of tangible personal items such as furniture, jewelry, art, antiques, collectibles, electronics, vehicles, and household goods.
This is not the same as a real estate appraisal, which evaluates land or buildings. Instead, a personal property appraisal focuses on movable items that are not attached to real estate.
Why Get a Personal Property Appraisal?
- Some common reasons include:
- Estate settlement for probate or inheritance distribution
- Insurance purposes — determine replacement value or verify claims
- Divorce proceedings — division of assets equitably
- Donations — determine fair market value for tax deductions
- Selling items — establish fair asking price
- Equitable distribution among heirs or business partners
How it works:
- A certified personal property appraiser will:
- Inspect items — in person or through photos.
- Research market data — analyze current and recent comparable sales.
- Assess condition, age, maker, provenance, and other factors.
- Provide written appraisal report — detailing each item description and value, as of a specific date.
Types of Value Assessed:
- Fair Market Value — what an item would sell for in an open market
- Replacement Value — cost to replace with a similar item, often at a higher cost
- Liquidation Value — value of item in a quick sale or auction