Qualified appraisers at McKenzie Appraisal Service can help you manage your business or personal risk through their formal education in appraisal theory, principles, procedures, ethics and law. Continuing education and testing ensure competence and knowledge of up-to-date appraisal standards. The appraiser you hire should be familiar with the type of property involved and how to value it correctly. Expertise on a specific type of property is not enough if the “expert” does not know how to evaluate an item for its appropriate worth. Without proper training, these “experts” have no way to navigate the many marketplace definitions used to determine appropriate values for appropriate uses.
For example, a CPA may be able to depreciate machinery and equipment, but may be unable to value those items correctly unless he or she follows appropriate appraisal principles and procedures.
It is important to ask the prospective appraiser what type of qualifications and training he or she has. Request a copy of the appraiser’s professional profile or resume to help evaluate the appraiser’s credentials. Ask about memberships and affiliations.
A qualified, educated appraiser understands the many different types of values, assigned uses and market levels. The qualified appraisers at McKenzie Appraiser Service work with you to choose the proper type of value so that the appraisal may be used correctly and effectively.
For example, the IRS will only accept an appraisal for a charitable donation at fair market value. A qualified appraiser would know this and advise his or her client of this fact.
What to Look For in an Appraisal
A professional appraiser helps manage risk by providing a written value determination upon which you can base your financial decisions. The professional appraiser's value conclusions are based upon recognized methods or evaluation, research and report writing. Bankers, financers, investors, insurers, estate managers, trustee, executors, attorneys, federal and state tax agencies, judges – ALL depend upon the knowledge and expertise of the appraiser.
- Tax & Charitable Contributions
- SBA & IRS Compliant Appraisals
What to Look For in an Appraisal Report
A cover document explaining what value and how the appraisal is to be used. The methodology and resources relied upon, market analysis and market(s). A complete description of the property written so that it can be identified without photographs Date(s) and location of inspection, and the effective date of values. The appraiser’s qualifications / signature.