APPRAISAL 101 TOPICS
There are quite a few reasons to order an equipment appraisal: litigation and arbitration, financing and asset-based lending, estate planning, insurance and damage loss, business sales, property taxes, charitable donations, corporate planning, financial reporting and purchase price allocations, and many more. There are also different ways to approach any appraisal, including deciding the type of appraisal you need, and determining the appraisal “Definition of Value” that should be used.
On these pages, we hope to help you make an informed decision about your machinery and equipment appraisal. Some Frequently Asked Questions are listed below, with additional topics accessible from the links.
If you have any questions, or to request a proposal for your equipment appraisal, complete the contact form on this page or contact us at 888-473-6237.
Frequently Asked Questions
What types of machinery and equipment do you appraise?
We can conduct an equipment appraisal for a wide variety of equipment types and industries. Some examples of the industries we appraise include construction equipment; medical equipment; restaurant equipment; food processing equipment; textile and dry cleaning equipment; retail store, bank and professional office equipment; auto dealerships and auto repair equipment; metalworking and machine shop equipment, and woodworking shop equipment, and much more, including entire manufacturing plants and production facilities. Even if we didn’t mention your industry’s equipment, it is likely that we have experience appraising similar equipment.
Are your appraisals USPAP compliant?
All of our equipment appraisals comply with the requirements of USPAP, the Uniform Standards of Professional Appraisal Practice. These are the accepted standards for professional appraisal practice in North America. The standards are written by The Appraisal Foundation, an organization authorized by the U.S. Congress as the source for national appraisal standards and qualifications. USPAP contains standards for all types of appraisal services, including real estate, personal property (including machinery and equipment), and business valuations.
Do you provide certified appraisals?
Our equipment appraisals include a certification of compliance with USPAP standards. For real estate, the appraiser must be licensed or certified in the state in which the property is located; for machinery and equipment appraisers, there is no actual certification. All our equipment appraisers are accredited by the American Society of Appraisers, which requires passing ASA’s rigorous requirements, including completing a series of valuation courses, an ethics exam, a USPAP course, and multiple years of experience in the equipment appraisal field. In addition, all our appraisers must meet the requirements by the Internal Revenue Service (IRS) for qualified appraisers.
What types of appraisal reports are there?
There are two types of equipment appraisal reports and many definitions of value that might apply. You can find out more about types of appraisal reports and definitions of value by visiting those respective pages on our website, or by calling us so we can review your situation to determine which type of report and which definition of value is applicable for you.