Personal Property Definitions of Value
For Estate Settlements and Charitable Donations
Fair Market Value is defined as the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. (Internal Revenue Service, Publication 561, p.2)
Insurance Scheduling
Replacement Value Comparable Value is defined as The price in terms of cash or other precisely revealed terms that would be required to replace a property with another of similar age, quality, origin, appearance, and condition within a reasonable length of time in an appropriate and relevant market. Intangible provenance value is additive as appropriate.
Selling at Marketable Cash Value
Marketable Cash Value represents the anticipated net proceeds (or cash in hand) that would be yielded from the orderly sale of a property once all costs of sale were subtracted. It represents the amount not merely obtained (paid in full [including any buyer’s premiums, taxes, etc.] by owner) but retained (received net, by the seller) from the sale.
Actual Cash Value
Actual Cash Value is defined as “The price in terms of cash or other precisely revealed terms that would be necessary to replace a property with another of similar age, quality, origin, appearance, and condition, within a reasonable length of time in an appropriate and relevant market This definition encompasses the concept of “as is” or “with or with or restoration.” It is the market value of the properties less all forms of depreciation.
Nancy Alberts
Certified Senior Advisor (Ret.)
Moving On! Services LLC
Call for your free first visit.
(757) 393-1622
Moving On! Services LLC services all of Hampton Roads to Richmond Virginia, Central Virginia, and areas east to include York and Gloucester County, and the Eastern Shore. MOVING ON! provides a Single Point of Contact for as much or as little that needs to be done – related to the disposition of household items and personal property. First consultations are always free.
Our services include Downsizing Lifestyle Change, Appraisals and Auctions, Estate Liquidations, and Senior Move Specialists. Above all, we have the expertise for Aging in Place services. For example, Personal Shopping, Errand, Sort, Space Planning, Pack, Move, Unpack, Redecorate, Reorganize, Charitable Donations, Books & Bibles, Disposal of Surplus Possessions, Deep Cleaning, Organizing, and Redecorating.
