The price at which a ‘willing buyer and seller’ would agree to complete a sale.
Fair market value is used for estate tax, estate planning, marital division, charitable contributions, or other informational purposes.
What it would cost to replace property with something of similar origin, age, quality, condition or provenance.
Replacement value appraisal is provided strictly for the purposes of insuring property scheduled separately from a blanket homeowner’s policy. Certain categories of fine art and antiques are more sensitive to market changes and require more frequent review. An insurance industry rule of thumb is that appraisals should be updated at least every three years.
The amount for which an asset can be sold at the end of its useful life.
In insurance circles, this term commonly refers to the scrap value of damaged property. In property insurance, salvage value will be subtracted from any loss settlement if the insured retains the damaged property.
The value given to property that is sold or changes hands under forced or limiting conditions such as bankruptcy.
This type of appraisal is usually provided for commercial and/or judicial purposes.
