An accredited appraiser is formally educated and regularly tested on their appraisal knowledge and methods. Anyone can say they provide appraisals, but only accredited appraisers have completed this formal and continuing training.
According to ISA’s website, “Whenever there’s a question about the value of your personal property, there’s also a risk involved. It may be the risk of selling too low, or of paying too much; the risk of being under or over insured; the risk of not getting your fair share in a division of the property; the risk of incurring tax penalties or being audited when claiming a deduction for charitable contribution or when calculating estate taxes.
A professional appraiser helps you manage these and other such risks by providing a written opinion of value upon which you can base your financial decisions. Rather than being just an “educated guess,” the professional appraiser’s value conclusions are based on prescribed methods or evaluation, research, and report writing. Bankers, financiers, investors, insurers, adjusters, estate managers, trustees, executors, attorneys, judges, federal and state tax agencies—all are dependent upon the knowledge and expertise of the appraiser, and so are you.”
An accredited appraiser is required for IRS donations over $20,00.00. While it is not necessary to use an accredited appraiser for estate and legal work, it is always prudent to do so. Accredited appraisers are trained in the government USPAP regulated appraiser protocol and participate in required annual education and two and five year retesting to maintain that accreditation.