Remember there are two types of appraisers -- Personal Property Appraisers and Real Property Appraisers. - Real Property Appraisers value houses, land, property, personal appraisers like the name implies will value your personal property, jewelry, art, furniture, etc.
Here at Fresno Appraisal Service we appraise your Real Property, homes,l and, property etc.
Just what does an appraiser do?
The licensed appraiser by reason of professional training, experience, and ethics is responsible for furnishing you with an objective third party opinion of value, arrived at without pressures or prejudices from the parties involved. Your appraiser is professional responsible to be correct and accurate in opinions of value.
Fresno Appraisers assesses the true forces affecting the value of property. This includes past values “date of death” appraisals and current “today's value” appraisals.
In accomplishing this, the appraiser cannot allow the general neighborhood composite of ethnic, religious, or minority populations or general condition of neighborhood improvement to detract from a clear and objective evaluation of the property appraised on its own merits.
When selecting an appraiser for estate purposes it is important to:
A. Licensed qualified appraise
B. Local appraiser that knows your market
C. Experienced appraiser – over 10yrs experience
The completed report will be emailed to you. The report will list "effective date of appraisal" and a value. This is the estimated market value of the home. You will can use this value to support your IRS documents and any division between heirs.
Tips & Warnings (ehow)
- Property received as an inheritance is not considered to be income by the person who inherits it. The adjusted basis of a home is its fair market value at the time it was inherited. How long you own the property before you sell it will determine whether any profit earned on the sale will be short-term or long-term capital gain. In most cases, when you add up the value of the home at the time you inherited, then add in any costs for improvements you make to the property in order to sell it, the home likely will not sell for much more. If there is no gain when you sell the home, you will owe no capital gains tax.