Does New York license personal property appraisers?
No. New York licenses real estate appraisers only; there is no state license for personal property appraisers. USPAP Standards 7 and 8 govern how personal property appraisals are developed and reported, and our New York reports follow them.
Is an appraisal needed for a New York estate below the $7,350,000 exclusion?
Often, yes, even though no New York estate tax return is due when the gross estate plus includible gifts stays under the basic exclusion amount. The executor still reports values on the Surrogate's Court inventory, heirs take a basis equal to date-of-death fair market value, and in-kind distributions of art, jewelry, and furniture among beneficiaries go more smoothly with item-level values. For estates near the line, the appraisal is what shows whether the 105% cliff applies.
Do you offer real estate appraisals in NYC?
No. We appraise personal property, artwork, machinery and equipment, vehicles, boats, inventory, and business interests, not real property. For a co-op, condo, townhouse, or commercial building in Manhattan, Brooklyn, Queens, the Bronx, or Staten Island, we recommend Block Appraisals, a New York City real estate appraisal firm covering all five boroughs.