Due to the adoption of criteria by the Appraisal Foundation in Washington D.C., most agencies now require that all personal property appraisals be performed by appraisers who have met the AQB's Personal Property Appraiser Minimum Qualification Criteria. (www.equineappraiser.com)
The Appraisal Qualifications Board (AQB) in Washington, D.C. adopted the Personal Property Appraiser Minimum Qualification Criteria authorized by Congress. These national criteria were established to ensure that professional personal property appraisers are qualified to do professional work. Individuals and businesses require competent, educated, and experienced equine appraisers that meet the nationally accepted Uniform Standards of Professional Appraisal Practice (USPAP). The AQB Qualification Criteria are the industry standards that professional businesses such as governmental agencies, banks, attorneys, CPAs, insurance companies, and individual horse owners require appraisers to meet in order to do business with them.
Equine appraisers are also required to belong to the American Society of Equine Appraisers and pass exams in both the principles of valuation courses, advanced principles of valuation courses, and training courses. Senior appraisers have to complete and pass the ASEA professional appraisal exam and meet the AQB’s criteria of continuing education requirement every five years to retain ASEA senior status. As a professional equine appraiser, not only do I have hundreds of appraisal hours, but I also have met the AQB’s Personal Property Appraiser Minimum Qualification Criteria. My appraisals comply with USPAP’s recognized appraisal standards. I am a senior certified appraiser with the ASEA.
As a professional certified appraiser, I can advise you in the proper procedures. I examine horse valuations for sales, donations, litigation, partnerships, divorce settlements, and more. Each circumstance requiring an appraiser is different. I evaluate each and apply the most appropriate method, as defined by the ASEA. The sales comparison method is the most common method used to determine “fair market value” of your horse. I research comparable horses in recent sales to determine an unbiased professional evaluation of your horse.
Many factors are used in valuing horses such as lineage, health, soundness, performance records, awards, the horse’s character, and other important aspects are researched to determine your horses fair market value. A qualified appraiser must identify key characteristics of different breeds and riding disciplines as well as possess the knowledge to follow the Uniform Standards of Professional Appraisal Practices. There is no data base for sold horses so finding prices of horses that have sold comes down to connections and research. Research skills are key to finding true comparable horses that have sold in a recent similar market. Confidentiality is always top priority at SEB Equine Appraisals, LLC. All of my reports meet USPAP standards, adhere to the professional code of ethics, and comply with IRS regulations. I am not a CPA, so please consult your accountant to address your situation. Depending on the case, I may not require an onsite visit. Recent videos and pictures along with current market research may be enough in some cases to complete an appraisal.
When Are Equine Appraisals Used?
Equitable distributions for divorce, estate, and probate dispositions.
Equitable distributions for bankruptcy, fraud, and contract disputes.
Insurance valuation for underwriting and claims
Valuation for FDIC loans
Equine acquisition valuation
Comprehensive retrospective and prospective valuation
Tax planning (donations)
The scope of work of your appraisal is determined by the required time and nature of the appraisal. Each appraisal is different and has varying circumstances, therefore please inquire for rates.
The IRS requires a qualified appraisal. If the value of the donated property exceeds $5,000, the donor must get a qualified appraisal for contributions of property. The do-nee organization is not a qualified appraiser for the purpose of valuing the donated property. For more information, get Publication 561, Determining the Value of Donated Property. A horse donation is eligible for an IRS charitable deduction only when the horse is donated to a registered 501 (c)3 nonprofit.
If an owner is unsure of the donation process, I can help. I can assist clients to identify the most appropriate nonprofit programs for their horses, connect clients and coaches, and complete the appraisal for the nonprofit program and IRS. Provided to each client is a spiral bound professional report with documentation of the equine, comparable sales, and supportive market data to complete the valuation.
I have worked with numerous colleges and nonprofit programs throughout the country. Just to name a few I have completed appraisals on horses being donated to The University of Findlay, Miami University, Otterbein University, Lake Erie College, and many more.