Agri Estate Valuers

[Terrel L. Shields]

Curious what sources - practices you Ag appraisers use when dealing with an estate where they want an estimate of farm equipment. All the instructions and books I see basically involve what other appraisers do which seems to be to value same from cost books, advertised prices, etc.

But I heard some comment to the effect states don't want pers. property values from RE appraisers unless they somehow have some "specialized" training??? Say what?

 

[JTip]

I just had class with a couple of Farm Credit appraisers from Iowa and asked a similar question.

They use an internal database of equipment values. Put in the hours, YM&M and bam, estimate complete. No special training needed.

 

[Terrel L. Shields]

I use Farm Equipment hotline but also want to see what local dealers have to say as well as pricing on the internet. The internet is used more and more by sellers to value their property and that applies to equipment.

A dealer with an implement that isn't competitive with his buddies a 100 miles away won't sell too hot. 100 mile trip is nothing to save a couple thou on a round baler.

 

[SpartanAG]

Could you use the value for the equipment that is reported on their tax return? Assuming they have a tax return that was developed by a CPA, there should be a depreciation schedule for the equipment. The CPA will be able to give you the book (cost) value, the accumulated depreciation and the value as reported to the IRS. That should give you a pretty good idea of the value of the equipment along with your other research.

 

[Sid Holderly]

Just like on Real Estate sometimes the Assessed value (RE) and book value (PP) have no relation to what the actual market is.

 

[Terrel L. Shields]

There are a lot of cost books for large equipment. Often a truck or car can be valued using the on line Kelly book. Cattle generally needs to be someone with experience like some cow trader or auctioneer /cattle buyer.