In 1995, John Prigge became a certified appraiser with the Certified Appraisers Guild of America and can provide you with written appraisals for most business and personal needs. Those needs can be for estate taxes, IRS business lien scenarios, divorces, donations, acquiring insurance or providing loan collateral. Even for "FYI" purposes, we can help. It is vital you have not only the correct appraiser but the correct method of valuation used for the appraisal. As an example, for a charitable donation where you are claiming more than a $5000 deduction, an appraisal is required by the IRS.
Bottom Line?
If your appraisal was not completed by a certified appraiser, you have no appraisal.
Appraisals done by a certified member of a society or guild carry authority in courtrooms, with IRS agents, banks and with insurance companies. Accredited appraisals are not only much less likely to be challenged, but are much less likely to be dismissed. While knowledgeable persons with no formal training and education may be able to provide an informal insight into value, they in no way can be relied on when it counts. Many times the fees charged by an appraiser with no formal training or education are the same or more as having it done right.
When it comes to matters of immense importance, i.e., business equipment and inventory for purchase, loan valuation/collateral or estate items, never consider an appraisal from anyone without appraisal accreditation.
Fees
No mysteries here. Our fees are based on a rate of $90 per hour and never based on a percentage of appraised value, flat fee or per item agreement. We highly recommend avoiding any appraiser who charges in those manners because it leaves the door open for shortcuts and incomplete work. Our hourly fee applies to on-premise inspections and data recording, research, production time, and in some cases, travel time. We supply up to 20 copies of the appraisal before a per copy fee applies. Your appraisal comes in an easy-to-read, bound tabloid presentation. It also discloses what method of valuation was used, any factors affecting value, the appraiser's qualifications, and lists any special conditions and disclaimers.
Additional time may be charged for court testimony and third-party in-depth consultations.
Appraisal Reasons
Estate Needs
Estate appraisals are very important especially in large estates. The correct method of valuation is crucial to the appraisal process as it may have tax implications for the heirs. A quality appraisal can be helpful when answering questions about value to heirs.
Insurance Policies
Always check with your agent and ask "What if" questions regarding possible claims on your personal property. Why? Because you may not need an appraisal. In fact, we talk ourselves out of many appraisals because our potential clients are told by their agent that they DO NOT need an appraisal. Sometimes a video camera and thorough notes are all that is needed to satisfy a claim. Remember, most standard homeowners insurance policies do not cover collections and fine art. Please keep all of these in mind if you are insured with an Internet or brokered insurance company. Updating an existing insurance appraisal is recommended every five years depending on market conditions. Most of the insurance appraisals needed are for jewelry. We can do jewelry appraisals at your home or business with you present - your gems do not leave your sight at anytime.
Tax Deductible Donations
Per the IRS: An appraisal by "an individual who has earned an appraisal designation from a recognized professional appraiser organization or has otherwise met minimum education and experience requirements set forth in regulations prescribed by the Secretary" is required if you are claiming a charitable donation in where the deduction is more than $5000. The IRS will no longer accept non-credentialed appraisals for tax deductions.
If you are donating an unusual item to a charity that you feel falls under $5000 in value but is unusual in nature, i.e. a rare bird or historic artifact, you may still want an appraisal to substantiate the deduction. Your tax advisor will advise you best. Please know that effective 1-1-07 on donations over $5000, a credentialed appraiser MUST sign IRS form 8283 for your tax return.
IRS tax liens
This need usually affects businesses who have been liened for back taxes and when a third party is representing that business to the IRS. We have done dozens of these for clients who in turn use them when offering a settlement. They show what the business inventory is and what it is worth. Again, the correct method of valuation used in an appraisal is very critical.
Divorces
Divorce situations demand an impartial opinion when determining the value of home or business contents. Items with provenance and history like jewelry or other emotional items are best left to an impartial, certified appraiser.
"I´m just curious, what´s it really worth?"
We can help with this type of appraisal also. Perhaps your need is for more of a casual appraisal, a sort of "walk and talk" reason for the purpose of selling or for just conversation. For those types of reasons we may be able to provide you with experienced, non-credentialed sources to satisfy your desire to know.
"Do I Really Need An Appraisal?"
Not all situations call for a formal, written appraisal. Sometimes a video camera and thorough notes are all that is needed.
Before you schedule an appraisal with any appraiser, please call us to get the facts. Should your needs be outside of our realm of knowledge our affiliation with the Certified Appraisers Guild of America allows us to make a quality referral to a fellow appraiser who can help you.
How Can We Earn Your Business?
847/888-3870
