PERSONAL PROPERTY APPRAISAL

Unlike mineral interests or utility properties, the appraisal of personal property requires a visual inspection of the assets to determine fair market value.  Not only does the property need to be discovered, but the condition and functionality needs to be verified by seeing it first-hand.  Because personal property is movable by definition (as opposed to real property which is fixed in location), these inspections must be performed annually to determine January 1 situs and ownership.

P&A personal property appraisers perform annual inspections of all applicable personal property within the taxing jurisdictions assigned to them.  Field inspection data is then correlated with renditions and other asset inventory listing provided by the taxpayer to ascertain fair market value each year.

The category of personal property covers a diverse set of industries, from oilfield-related equipment (gathering lines, drilling rigs, compressors, pump stations, machine tools, etc.) to vehicles, microwave towers and office furniture and fixtures.  P&A personal property appraisers are correspondingly flexible and carry diverse backgrounds necessary for the appraisal of such a wide range of property.   Some of the factors to consider are:

• Make and Model of Asset
• Actual Age, Effective Age, Remaining Life
• Throughout vs. Capacity Economic Obsolescence
• Material, Supplies, and Other Inventory
• Original Cost Vs. Net Book
• LIFO, FIFO Accounting of Assets
• Intangibles, Other Business Value Considerations

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