What is a personal property appraisal?
Before we can define a personal property appraisal, it is important to first establish a definition of personal property. According to the Canadian Personal Property Appraisers Group (CPPAG), personal property is defined as “any property other than real property.” Therefore, any assets other than real estate can be considered “personal property”. Your car, your furniture, your boat, or your coin collection are all examples of “personal property”
What then would be a personal property appraisal? Well, according to the CPPAG, to appraise is to “estimate the value of an item.” The most basic definition of a personal property appraisal therefore would be to “estimate the value of any property besides real property.”
That being said, to use the word “estimate” may not hit the nail on the head. Personal property appraisals – while they are estimations – are the professional opinion of the personal property appraiser. These numbers are not simply pulled out of thin air. Rather, the professional opinions are based on a deduction of logic and facts. At Frontier Sales, we define a personal property appraisal as follows: a professional, valid, and credible opinion of value of personal property based on a summation of industry knowledge, experience, and rigorous research. All of Frontier Sales’ appraisals are given in the form of a strong, professional appraisal report written and submitted by a CPPAG certified appraiser.