Chattel Valuation When Buying Investment 4-Plex

[Hadar Orkibi]

Hi Team,

I would appreciate some feedback on commissioning a Chattel Valuation in Little Rock Arkansas.

My lender is getting the property appraised but it sound like this appraisal doesn't cover the value of the chattel.

In NZ when doing a home appraisal there is allocation for the Chattel component.
Say a home is appraised at 250k the breakdown coulee be: 60k Land + Building 170k +20k Chattels. = Appraised value of 250k  Then the Chattel part is itemized so can be depreciated and deducted.
 
With my buy and hold investment property I often commission a separate special Chattel appraisal which is more detailed and represents better depreciation schedule for the Accountant to work with when calculating the Tax Credits at the end of the financial year. 

Is this service common practice in Arkansas?  any referrals to an Appraiser who handles that would be much appreciated.

Thanks

[Jacob White]

It's not outside the norm here, though I'd check with the appraiser to make sure they understand that you want an itemized appraisal.  Also, not sure most appraisers around here are familiar with the term "chattel" - more likely they'll know what you mean if you call it "personal property" not affixed to the real property.  Same thing, of course.

I typically use Joel Vaughn: here's a link.