Frequently Asked Questions (FAQ)
Personal property appraisals are needed (or required) in many situations including estate taxes, insurance coverage, donation and gifting, divorce, loss & casualty and equitable distributions. Our appraisers work with you to determine the appropriate report and valuation method for your unique situation.
Appraisals are typically billed on an hourly basis. Our standard rate is $300 per hour with travel time billed at $150 per hour. Appraisal projects vary greatly in the amount of time required to complete, depending on the number of items, research time required and if any specialists are needed. Our appraisers are happy to review photographs of the project and discuss options with you to ensure that your project is completed on-time and on-budget.
While an appraisal may be of assistance to sell your items, we would typically recommend working with an auction house to market your items to a global audience. We highly recommend our sister-company, Leonard Auction.
The Uniform Standards of Professional Appraisal Practice (USPAP) are the recognized criterion for the appraisal profession in the United States. The USPAP standards are maintained and updated by the Appraisal Foundation which was authorized by Congress in 1989. All appraisal reports produced by Leonard Appraisal adhere to the strict guidelines of USPAP and our appraisers are all current through 2023 with their USPAP coursework.
USPAP establishes ethical standards and guidelines for appraisers to follow. USPAP is also required by the Internal Revenue Service (IRS) for all appraisals used in a tax return.
A qualified appraiser is an individual who has earned an appraisal designation from a recognized professional appraiser organization. This designation is awarded on the basis of demonstrated competence in valuing the type of property for which the appraisal is performed.