The purpose of an Appraisal survey is to establish a vessel’s value in cases such as divorce, estate settlement, donation to a non-profit organization, and others.
Please Contact Us to discuss your specific requirements for an Appraisal survey.
During an Appraisal survey, the vessel is examined and documented. A fair market value analysis is then conducted using similar vessels for sale (if available) and other resources.
Typical resources used to establish the fair market value may include some, or all of the following:
1. Vessel condition and desirability
2. Industry accepted pricing guides
such as Soldboats.com and BUC
3. Published broker listings
4. Current market demand
5. Internet listings
The resulting fair market value is fully supported and documented by the research contained in the Appraisal survey report.
According to IRS Publication 561- Determining The Value Of Donated Property, "Except for inexpensive small boats, the valuation of boats should be based on an appraisal by a marine surveyor because the physical condition is so critical to the value."
It goes on to state that "If you donate a car, a boat, or an aircraft to a charitable organization, its Fair Market Value must be determined.
| Certain commercial firms and trade organizations publish monthly or seasonal guides for different regions of the country, containing complete dealer sale prices or dealer-average prices for recent model years. Prices are reported for each make, model, and year of used car, aircraft, truck, recreational vehicle, and boat. These guides also provide estimates for adjusting for unusual equipment, unusual mileage, and physical condition. The prices are not "official," and these publications are not considered an appraisal of any specific donated property. But they do provide clues for making an appraisal and suggest relative prices for comparison with current sales and offerings in your area." |
For a complete breakdown of pricing please view the Pricing Schedule page for more information.