3 minute read
APPRAISAL SERVICES How much are your assets worth?
from FARM CREDIT EAST
by NDSACatalogs
APPRAISING YOUR ASSETS CALLS FOR AG-SPECIFIC EXPERTISE.
Throughout the life of your business, there will be times when you need to know the value of your assets. Farm Credit East offers valuation services for real estate, including a variety of land types and personal property, such as general and specialty machinery and equipment.
Appraisals are especially important when you:
• Transfer farm or business assets to the next generation • Buy or sell real estate • Carry out estate planning or settle an estate • Gift property • Donate land to a trust • Sell development rights • Address property tax issues • Develop a business plan
Learn more about Farm Credit East APPRAISAL SERVICES at FarmCreditEast.com.
Farm Credit East assists more agricultural businesses and families with appraisals than any other firm in the Northeast. Whatever your appraisal needs, you can rely on us for prompt, informed guidance and information. We offer:
• Ag-specific expertise. Our appraisers combine their knowledge of agricultural assets and current markets with professional appraisal standards to ensure that you receive the most accurate appraisal possible. • The most expansive database. Our depth of experience has allowed us to create the largest database of agricultural property transfers in our service area, which ensures accurate appraisals that reflect what’s really happening in the market. • Trained professionals. To stay sharp and up-to-date, our appraisers complete comprehensive, ag-specific appraisal training here at Farm Credit East and through leading professional appraisal societies. • Exceptional follow-through. Our appraisers can work directly with your attorney, as well as our tax consultants. In fact, our entire team is ready to help you put your appraisal to best use — for property sale, estate transfer, estate planning and more.
WHAT DOES FARM CREDIT EAST APPRAISE?
Our appraisers are specialists in determining the value of:
• Land and buildings, including barns and outbuildings • Specialty agricultural buildings • Large land parcels • Ag processing facilities • Mineral royalties • Standing timber • Timber processing facilities • Conservation easements
FREQUENTLY ASKED QUESTIONS
What is the appraisal based on?
We use one of three different approaches to reach an appraisal value. We base it on: • The income your ag-asset generates • The comparative sales value of your agricultural asset to the sales of other similar agricultural assets • A cost approach where we take the brand new cost of your structural improvements, reduce it by the amount of wear and tear it has received, as well as other forms of depreciation, and add the value of the land base
What does an appraisal cost?
The cost of the appraisal is based on an hourly charge for our appraisal staff. You will receive a competitive rate and get an ag-specific appraisal expert to ensure you receive the most accurate appraisal possible.
What kind of appraisal report can I receive?
Our appraisers help you decide what type of documentation is appropriate for your situation, from a restricted-use appraisal to a detailed narrative report. A simple report may be all you need to set a selling price. However, if you’re involved in a court case, a comprehensive narrative report may be necessary.
Do I have to borrow through Farm Credit East to use this service?
No. Anyone with an ag business or rural property can take advantage of our appraisal service whether or not they borrow from Farm Credit East.
Why is the value appraised at Farm Credit East different than the assessed value that shows up on my property tax bill?
Assessments are made for the specific purpose of taxation under special rules and as of a particular date. They are likely not reliable for a different purpose. An independent market value appraisal provides a good review of your assessment.
Is the appraisal based only on market value?
Our appraisers can base their valuation of your property on its current market value, agricultural or special-use value or value as of a particular date. We work with you to ensure that you receive the type of appraisal you need.
