Appraisal
Appraisal, a formal valuation of property. The property may be real estate, personal possessions, or both. Methods of appraisal are regulated by law or by agreement among the interested parties. A person licensed or appointed to make an appraisal is known as an appraiser. Kinds of property appraised include:
- Property that is to be bought or sold, in order to decide on its price or value.
- Property damaged by fire or other accident, in order to determine the extent of the loss.
- Imported merchandise, in order to fix the amount of duty.
- The assets of a person or firm in bankruptcy or insolvency.
- Property seized by a government for violations of tax laws.
- Private property taken by the government by its power of eminent domain.