Tangible property appraisal reports (i.e. machinery & equipment, inventory, etc) are as varied as the appraisers preparing them. Before hiring an appraiser, consult with him/her to ensure that you will be getting the level of reporting that you require for your purposes. (Learn more about our process.)
The Uniform Standards of Professional Appraisal Practice (USPAP) determine the minimum standards for both applying appraisal processes and for reporting the results of those processes. USPAP is the recognized appraisal standard in the United States, but is also widely recognized by countries throughout the world.
USPAP requires specific data collection, methodology, and reporting including the following:
- include a USPAP-compliant certification, signed by the appraiser
- list the intended users
- explain the intended use of the report
- identify the subject property
- state the current use of the property
- state the property interest
- definition of value(s)
- effective date of the valuation
- appraisal report date
- explain the scope of work performed
- address the consideration of the three approached to value
- explain the source information, appraisal methods, reasoning, and conclusions explain any extraordinary assumptions and hypothetical conditions
- A properly written report should be concise and written to the level of valuation knowledge of the client and intended users to clearly address the considerations and factors that affect the value of the subject property.For What It’s Worth Appraisals, Inc appraisals are reviewed and signed by an Accredited Senior Appraiser (ASA) and are USPAP-compliant. Our appraisals are defendable because our values are backed by solid evidence and professionally accepted appraisal practices.