LLOYDS OF MEMPHIS, LLC
Estate Sales - Appraisals - Consignments - Consultant
USPAP 2016 CERTIFED
IRS TAX APPRAISALS: This type of appraisal is similar to the estate appraisal and is used when estates are valued high enough that inheritance taxes are invoked by law. The IRS requires certain guidelines to follow for an IRS appraisal.
INSURANCE APPRAISAL: The insurance appraisal is used when an individual desires to insure their personal property for replacement value. In other words, if their personal property was destroyed by fire, flood, wind, or other perils, this value is the price the individual would have to pay to replace those items or those items similar to the ones that they lost. Insurance appraisals use retail value and therefore are usually higher values than fair market value appraisals.
DAMAGE APPRISAL: Damage appraisals are similar to insurance appraisals and are used when fine arts or valuable objects are damaged or broken. Appraisers try to value the objects as to the value before damage and usually replacement values are used.
These are some of the appraisal types offered by our firm and these definitions given are general in nature and do not include all of the details of each appraisal type which is discussed.