How valuable is your personal property? You probably have no idea if you have never had a personal property appraisal in Maryland. This may be necessary if you encounter a situation where your property has to be divided, insured or you are looking for a loan. With a personal property appraisal, you will get documentation for your valuables to determine their value, which can help you in the following situations:
- Estates: This is typically why most individuals have a personal property appraisal in Maryland. Upon a person’s death, you may need to value their personal property in order to calculate your inheritance tax. Not all states require this, but most do, and you will need to show the value of the property of the estate of which you are taking ownership.
- Insurance: If you are looking to get insurance to provide protection for your valuables, you may need a personal property appraisal to determine its value. This will provide you with information that will determine your insurance coverage for items such as jewelry, coins and artwork.
- Divorce: This can be a difficult one, as you most likely need a personal property appraisal in Maryland because you can’t agree on the value of your property. An appraisal will be conducted to give accurate value to items that will be divided in a divorce, to make sure the property is divided equally and all parties can come to an agreement on what is fair.
- Bankruptcy: When you go through a bankruptcy, you will need to have your personal property appraised to determine what you have in terms of assets. These appraisals are important to the court in determining whether you can file bankruptcy and will provide an accurate representation of your worth.
- Donations: If you are looking to donate an item that is valued over $500, you will need to get a personal property appraisal in Maryland in order to claim it on your taxes at the end of the year. Through a personal property appraisal, you will get a precise determination of what the item you are donating is worth—whether it’s a car, jewelry, furniture piece or otherwise—to ensure you are claiming the correct value on your taxes.
- Loans: If you are looking to get a business loan, a personal property appraisal in Maryland will help determine the value of your business and all its assets. This will help a bank determine your loan amount based on the appraisal provided to you.
A personal property appraisal in Maryland can help place an accurate value on your personal property to ensure you are getting the coverage you need for your belongings, paying the correct taxes or even using the correct deduction at tax time. For a personal property appraisal, contact Jane Campbell-Chambliss & Associates, LLC. We are a reputable company with more than 38 years’ experience providing residential and commercial property and real estate appraisals. Call us today to learn more about our services.