Which approach applies when appraising personal property in Oklahoma?
It depends on the asset. Cost, market, and income approaches are all recognized, and we match the method to the property: market comparison for collectibles and antiques, cost less depreciation for equipment, and income capitalization only where the property actually produces revenue. The report explains which approach was used and why.
Can an appraisal lower the Oklahoma tax value of household contents?
Potentially, yes. Oklahoma presumes household personal property is worth 10% of the appraised value of the residence improvement as of January 1, but that presumption is rebuttable, and a taxpayer can seek assessment at actual fair cash value supported by a professional appraisal of the contents.
Must an Oklahoma executor hire an appraiser for the estate inventory?
Not automatically. Under 58 O.S. Section 281 the personal representative can satisfy the appraisement requirement with their own opinion of value, and the inventory is due within two months of appointment. But if any interested person files a written demand, the court must order an appraisement by sworn, court-appointed appraisers.
Are personal property appraisers licensed by the State of Oklahoma?
No. Oklahoma licenses real estate appraisers, but there is no state license for personal property appraisers. For IRS purposes, appraisers must instead meet the federal qualified appraiser criteria, which is the standard our personal property reports are built to satisfy.