What Do the Different Values Mean?
The function or what you are going to do with the information dictates the value being sought. For instance, the values may be different if you want to insure an item or if you want to sell that item in a short period of time. After the function has been decided, your appraiser will provide the values. For instance, insurance appraisals are written to provide replacement cost should a disaster occur and estate settlement appraisals are written to provide fair market value to satisfy the courts and IRS. Qualified, educated appraisers understand the many different types of values, assigned uses, and market levels. A trained appraiser can work with you to choose the proper type of value so that you can use the appraisal correctly and effectively.
