Personal Property Narrative Appraisal Writing for Assessors Winning with USPAP NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Vision Statement This session examines a USPAP compliant method for the Assessor to determine the apposite value for personal property. The method utilizes value characteristics and approaches to determine a value supported by evidence. Logic is explored and pitfalls revealed to equip the assessor to defend their value determinations to owners and Appellate Tax Board Commissioners. In this session the students will learn how to construct a value argument using classification, true premises and true conclusions. Resources will be explored, a live demonstration and hands on group
assignment make this session worthwhile. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Goal and Objective In this session you will learn to write a narrative appraisal report of personal property in a USPAP compliant report. If you know how one is written, and you need to hire an appraiser to support a ATB case, then you will know if their report is credible. With the report you could convince abatement applications to withdraw due to a lack of proof against your value.
While the burden of proof is on the applicant, an Assessor USPAP report to a Commissioner is a concrete foundation for a decision in your favor. The SJC respects USPAP if there is ever an appeal. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Todays Situation To Summarize the current situation: you hate personal property You are not comfortable with the process
You dont know what some of the personal property is. It is complicated. The depreciation schedules are a mystery. The differing forms of ownership and taxation are complex. You wish you could simply farm it out to a supplier, or have. BUT: Personal Property can be big bucks, and it is likely taxable. NRAAO 2018
Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Sample Personal Property Narrative Appraisal Report Intended Use Property Appraised Limiting Conditions Certification Research Scope Of Work Definition of value
Method of Valuation Reconciliati on Qualification s NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA When Did Personal Property become Taxable? EGYPT During the various reins of the Egyptian Pharaohs (3150BCE 305 BCE) tax collectors were known as scribes.
During one period the scribes imposed a tax on cooking oil. To insure that citizens were not avoiding the cooking oil tax scribes would audit households to insure that appropriate amounts of cooking oil were consumed and that citizens were not using leavings generated by other cooking processes as a substitute for the taxed oil. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA How Did We Get Here? COLONIAL AMERICA Colonists were paying taxes under the Molasses Act which was modified in 1764 to include import duties on foreign molasses, sugar, wine and other commodities.
The new act was known as the Sugar Act. Because the Sugar Act did not raise substantial revenue amounts, the Stamp Act was added in 1765. The Stamp Act imposed a direct tax on all newspapers printed in the colonies and most commercial and legal documents. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA How Did We Get Here? POST-REVOLUTION AMERICA In 1794 Settlers west of the Alleghenies, in opposition to Alexander Hamilton's excise tax of 1791, started what is now known as the "Whiskey Rebellion"
The excise tax was considered discriminatory and the settlers rioted against the tax collectors . President Washington eventually sent troops to quell the riots. Although two settlers were eventually convicted of treason, the President granted each a pardon. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA How Did We Get Here? Massachusetts Today: City And Town February 2, 2017 The personal property account is an area where municipalities can typically see large increases in growth. As a
result, we encourage assessors to review all personal property accounts, including the prior years assessed values. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Review High Value Property Costs Examples today in Taunton: Compactor $156,500 Bailer/Compactor $300,000
Advertising Screen $130,000 Friolator $125,000 Movie Projector $393, 872 Single Printing Location $6, 000,000 January 1, 2017 Will be $25,000,000 on January 1, 2018 Distributor Automated Material Handling System $5,000,000 January 1, 2016, $25,000,000 January 1, 2017 NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO
Taunton, MA ANYONE DONE THIS? M.G.L. CH 59 31A The assessors may compel production of books, papers, records and other data of the person through issuance of a summons served in the manner as summonses for witnesses in criminal cases issued on behalf of the commonwealth and all provisions of law relative to summonses in such cases shall, so far as applicable, apply to summonses issued under this section. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA ANYONE DONE THIS?
M.G.L. ch 59 32 Lists filed under Section 29 and books, papers, records and other data obtained under section 31A shall be open to the inspection of the assessors, the commissioner, the deputies, clerks and assistants of either the assessor or the commissioner and any designated private auditor shall not be open to any other person except by order of the court NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA High Value Property, Now What?
You are (sort of) assumed right untill proven wrong. Best to prove to yourself that you are right. After you are convinced, share it with the taxpayer. USPAP, since 1989, is your friend. USPAP STANDARD 6 MASS APPRAISAL DEVELOPMENT AND REPORTING is being re-written by the Standards Foundation as we speak. One Standard for appraisal Development, another for appraisal reporting. Luckily, we have USPAP STANDARDS 7 & 8 for personal property NRAAO 2018
Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA USPAP Standard 7 One must do what is expected from the typical Assessor: Identify the problem to be solved What will it take to convince the audience you have a credible valuation? Sales, Income or Cost approach. (which cost? .. And the ATB hates Cost.)? Set the Scope of work Research Plan NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA USPAP Standard 8
Reporting will follow the USPAP and this course outline Communicate the analysis, opinion and conclusion Include more than sufficient information Identify assumptions Build a valid argument Any reasonable mind to the same conclusion NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA THE M.G.L. ON VALUATION CQ 22. How is personal property valued in Massachusetts? A 22. Like real estate, all personal property must be assessed at fair cash value. Generally,
personal property is valued using the cost method. The particular method will vary, depending on the specific property. In some cases, such as highly regulated utilities, net book will be used, which is original cost less depreciation. In other cases a reproduction or replacement cost new less depreciation method is used. Ordinarily the market and income approaches do not lend themselves to personal property valuation. However, if a specific property or type of property has a demonstrated resale value in the market or a specific earning capacity as leased property that can be distinguished from business earnings, a market or income approach may also be used. In most cases the local board of assessors in the town where the personal property is situated is responsible for valuing and assessing the personal property. However, in the case of telephone and telegraph companies and pipeline companies, the Commissioner of Revenue determines the values and notifies the local boards of assessors, which then assess the local taxes. See answers to Question 24 and Question 25 for central valuation procedures for telephone & telegraph companies and pipeline companies, respectively. See M.G. L. c. 59, 38, 38A, & 39-42. NRAAO 2018
Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA M.G.L. Chapter 59 Section 38 covers assessor duty. Boston Gas Company v. Assessors of Boston, 334 Mass 549 (1956) defines the value as Fair cash value means fair market value, which is defined as the price on which a willing seller and a willing buyer will agree if both of them are fully informed and under no compulsion. However, there are many levels of prices in the marketplace. Personal property is valued for taxation in MA, at the price a dealer who trades in the secondary
NRAAO 2018 J Conti, ASA, ARM/PP, MAAO Taunton, MA market Richard of the product would pay the owner. WHERE DO YOU START? APPROACH TO VALUE build a plan What does the personal property do, how does it do it, who made it. There is more than one company making the item, look for generics Sometimes it is easier to find a new similar item, age it through inflation calculator
Somewhere there is another one of these being assessed by someone else If it is one of a kind you must go to cost or income approach NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA USPAP Product Description INSPECT THE PROPERTY PERSONALLY Obtain images 360 degrees if possible including nameplate if existing Use a white Sharpie to highlight engraved numbers and letters Review the images before you leave to ensure there is readable detail
Ask questions, take physical notes, source the supplier NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA USPAP Product Description INSPECT THE PROPERTY PERSONALLY Obtain images 360 degrees if possible including nameplate if existing Use a white Sharpie to highlight engraved numbers and letters Review the images before you leave to ensure there is readable detail Ask questions, take physical notes, source the supplier NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO
Taunton, MA USPAP Product Description Include a scale in all your pictures, they are evidence. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA LINK THE ATTRIBUTES Type of Object Measurements Materials and Techniques
Manufacture Date Maker Distinguishing Features NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA 3 APPROACHES TO VALUE 1 COST METHOD Assessors usually use the cost method to estimate the value of personal property, typically relying on industry cost manuals.
Acquisition Cost (RCN, retail to the present owner) includes any expense required to place the asset into service except sales tax. Includes all charges for transportation, installation, accessories, and profit and overhead, as well as additions to or renovations of the property other than routine maintenance or repairs. Expected life to each major industrial classification grouped by NAICS code. For example, all industries classified as Agriculture and Forestry (NAICS .11) have 15 year lives, while Mining (NAICS .21) assigns a 20 year life to Oil and Gas Exploration (NAICS .2111) and a 15 year life to Mining (NAICS .2121 & .2122). Cost Conversion factor. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA
COST APPROACH TO VALUE REPRODUCTION COST METHOD This may be reproduction, replacement or insured value. ORIGINAL COST LESS DEPRECIATION METHOD The ORIGINAL SALES RECIPT and depreciation schedule or Cost Conversion Factor set by the Board of Assessors. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA
APPROACH TO VALUE INCOME METHOD The income and expense approach to the operating machinery is reliable with a credible argument, rarely used in personal property valuations. Rented machinery such as copy machines, sewing machines, backhoes, network equipment, Rent-All Equipment Co., it is out there. Operating Lease has a purchase option at the end of the term @ FMV Financing Lease is a conditional sales contract, on users depreciation schedule and taxes NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO
Taunton, MA APPROACH TO VALUE MARKET SALES METHOD The economic principle of substitution, that process of identifying alternatives that would satisfy the same need is the underlying principle for all three approaches but most evident in the sales approach. Here the machinery having the same utility with the lowest price creates the most demand. Watch the adjustment they must be credible with matched pair analysis or time factors such as inflation calculators. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO
Taunton, MA In any Approach Model numbers very helpful Within three years if using sales Fewest adjustments as possible, cite justification Aged $ can easily be adjusted for inflation US Bureau of Labor and Statistics inflation calculator MSRP has merit for taxation
NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Sales Approach Auctions best source and are in the secondary market eBay will surprise you Used Equipment Dealers are highly specialized, and private
Equipment Manufacturer catalogs are your best friend Interviews with manufacturers Interviews with manufacturers Representatives NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA WHERE DID YOU GET THE MOST DATA? APPROACH TO VALUE MARKET SALES METHOD
The market sales approaches may GENERATE THE MOST DATA and the more you have, the more reliable and credible it can be if it is presented in a credible manner, thus it has wide application in the vast majority of personal property valuations. Leave it up to the Commissioner to determine if physical evidence in the market is overshadowed by a cost spreadsheet. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA DEPRECIATION Depreciation must be based on age, condition and quality of
the property. Property still in use has a utility value, even if its life expectancy has been exceeded and it has zero value for accounting or regulatory purposes. Generally property in use should not be depreciated below 20%, although depreciation to as low as 5% might be appropriate where economic obsolescence principles apply. Assessors must document depreciation allowances USPAP: defend depreciation in reconciliation NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO
Taunton, MA 26 US Code 167 Depreciation (IRS) (a) General rule There shall be allowed as a depreciation deduction a reasonable allowance for the exhaustion, wear and tear (including a reasonable allowance for obsolescence) (1) of property used in the trade or business, or (2) of property held for the production of income. (b) Cross reference For determination of depreciation deduction in case of property to which section 168 applies, see section 168. (c) Basis for depreciation (1) In general The basis on which exhaustion, wear and tear, and obsolescence are to be allowed in respect of any property shall be the adjusted basis provided in section 1011, for the purpose of determining the gain on the sale or other disposition of such property.
(2) Special rule for property subject to lease. If any property is acquired subject to a lease (A) no portion of the adjusted basis shall be allocated to the leasehold interest, and (B) the entire adjusted basis shall be taken into account in determining the depreciation deduction (if any) with respect to the property subject to the lease. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA ASSESSORS SET CONVERSION FACTORS In Massachusetts the Board of Assessors set the depreciation schedule for the community. M.G.L. ch 59 Industries have differing depreciation
schedules in accounting. Well drilling vs Construction NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA EXAMPLE OF CONVERSION FACTORS NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA EXAMPLE OF CONVERSION FACTORS NRAAO 2018
Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Recommendation Start your search for comparable value on a wide sweep. Use web sites such as machinio.com and eBay.com or start by searching for prices new and apply discount for age. Discount for depreciation can be found in the United States Bureau of Labor and Statistics for machinery by type. Summarize the results with as much support you can find Build a logical argument to link what you learned to what you know
Identify weaknesses in the argument and get more information to strengthen the argument. Write a USPAP compliant report, if you do it right it will be bullet proof. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Using Logic to your advantage An argument is made up of one or more premises and is followed by one or more conclusions. A premise is a statement of fact: Socrates is a man. Arguments can be valid or invalid
Each premise has to be true and cannot be proven false If all the premises are true the conclusion has to be true NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Drawing is speaking to the eye; Talking is painting to the ear, Writing is sculpting the mind. An argument is a work of fine art. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA
Using Logic to your advantage In a narrative appraisal it is the reconciliation and conclusion which is the argument of a chain of premises which conclude in a value conclusions. The description of property covers the factual features of the item The research finds similar features and makes adjustments for differences Linking the similarities is assembling the premises in an argument Do not stray from the facts, do not stretch to find them NRAAO
2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Structure of Arguments Powerful appraisal arguments come from an outline of the facts that follow a concept. The facts are Propositions (statements) Singularly they are concrete. Grouping the Propositions and comparing them and contrasting them builds an abstract argument. NRAAO 2018
Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Premise Imply or entail the conclusion, give me a hint where we are going. The truth of the premise guarantees the truth of the conclusion Two or more premises are equivalent if they imply each other A premise which can be true or false is contingent. If it is impossible for a premise to be true, it is contradictory. True premises, even contingent but not contradictory are satisfiable NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Premise traps to avoid
Connotations Metaphors Conjunctions Words which assert: think, indication, tendancy, estimate, suspect. Rather than words which are non-asserting: know, acknowledge, proves, demonstrates, realizes NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Argument Traps: Appraisal Fallacies Subjectivism: The belief or desire of the appraiser is evidence of a true premise. Appeal to Majority: appraiser states a large number of people believe it thus a premise is
true. Appeal to Emotion: appraiser premises build an emotion to support a conclusion Appeal to Force: appraiser persuades through threats (impending lawsuit) NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Appeal to Emotion Appeal to Envy (AKA, Argumentum ad Invidiam) Appeal to Fear (AKA, Argumentum ad Metum)
Appeal to Hatred (AKA, Argumentum ad Odium) Appeal to Pity (AKA, Argumentum ad Misericordiam) Appeal to Pride (AKA, Argumentum ad Superbiam) All subjective fallacies because they are not facts NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Emotion to support a conclusion
Works when trying to get some one to act ($100 will feed a family in Africa for a year), fails when used to change their beliefs. The appraiser is writing for a reader who wants to believe it is true, which is no reason to believe it is true. Or fears that it is true and has no reason to believe it is false. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Argument construction In the concept of personal property there is a sub classification of Business & Industrial (B&E) machinery. B&E includes the species of Manufacturing & Metalworking M&M are divided into genus including Metalworking Tooling The Metalworking group of CNC Turning Centers attract specific dealers (and are therefore mutually exclusive and jointly exhaustive) The Daewoo Puma 230C was mass produced and is regularly
sold 7 offered on eBay in the last 30 days with a median offering of $33,147.50 and an mean of $39,600 NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Simple Arguments Starts with some assertions (premises) justifying a thesis (conclusion) We have made assumptions that the items we inspected were what we thought them to be. We believe the Scope of Work gave us complete data. We have complied with the requirements of Standard 7 and 8, Personal Property Appraisal Development and Reporting of the Uniform Standard of Professional Appraisal Practice. In our professional opinion the market value of the entirety, as of January 1, 2017, was one thousand dollars.
NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Simple Arguments The concept of a valuation conclusion is a group of information formed by comparison and contrast. Regardless of the approach to value, in the end, the assessor must reconcile the data. Expose the data in groups of relevance then relate its meaning to the assignment. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Logical Fallacies Circular Argument: appraiser fails to address the valuation
issue, the premise supports only the premise. Circulus in Probando; the appraiser begins with what they want to end with, thus the reconciliation goes around in a circle. A is true because B is true. B is true because A is true. The listing price of this buildable lot was based on the assessed value. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Logical Fallacies Post hoc, ergo propter hoc: appraiser uses a preceding unrelated event to reach a valuation conclusion. Latin translates to After this, therefore because of this. A caused B because A occurred before B The exhibition is actually the reason that the 1892 oil painting was sold; the Gauguin canvas had been on loan to the Kunstmuseum in Basel for close to 50 years, but the institution would not let the artwork travel while it was closed for renovations. This violated the terms of the loan, which stipulated that the painting remain on public view. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO
Taunton, MA USPAP Compliant Report Identity of the Taxpayer and Commissioners Intended use of the appraisal is to determine the (taxable) full and fair cash value. Cite MGL Identify the item appraised in a description of property incliuding as much detail as possible Does the taxpayer wholly own the property? Cite the definition of Value, as an MGL
Identify the effective date as January 1 (year) for the appraisal and the date the report was written Summarize the Scope Of Work (what you did and did not do, to determine the value) Sumarize the information reason for adjustments, proof of adjusted values, use of the property Market Analysis Statement of Assumptions and limiting conditions Include certification from USPAP
Two original digital signatures NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Logical Fallacies False Alternative: appraiser does not consider all relevant possibilities. Appeal to Ignorance: appraiser takes a position that it must be true because it has not been proven false Non Sequitur: appraisers conclusion does not follow the premises Non Sequitur includes Diversion and Straw Man (arguing a proposition against another) NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA
Logical Fallacies Appeal to Authority: appraiser relies on experts not competent to address the subject. Ad Hominem: appraiser addresses a person rather than valuation. Ad Hominem includes poisoning the well appraiser critiques another for a non-rational motive Ad Hominen includes youre another appraiser critiques another in effort to prove a position. Most often seen in appraisal reviews. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA USPAP Compliant Report Write an Overview, executive summary of the situation. Name the Intended Users as the Taxpayer and all of the Commissioners at the Appellate Tax Board.
The Intended Use is to resolve differences in opinion of value for Massachusetts Personal Property Taxation The Scope of Work is what you chose to do to find a defendable and credible value as well as what you chose not to do if anything. The Definition of value needs to be footnoted with the legal citation. The Effective date of the Appraisal is January 1 of the tax year in dispute. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA
ATB Case #17p018 Carver Realty v Town of Carver Adjustments must be supported Mr. Collins failed to adequately adjust his purported comparable sales, and therefore his analysis lacked credibility. Accordingly, the Board found and ruled that the appelant failed to meeet the burden of proving that the subject property was overvalued. NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA ATB Case #16p479 Star magrit ETR v. City of Woburn Assessor (appellee) presumed correct until proven wrong
In reaching its opinion of fair cash value in these appeals, Board was not required to believe the testimony of any particular witness or to adopt any particular method of valuation. Rather, the Board could, and did, accept those portions of the evidence that the Board determined had more convincing weight. Foxboro Associates v. Assessors of Foxborough, 385 Mass. 679, (1982); New Boston Garden Corp. v. Assessors of Boston, 383 Mass. 456, 473 (1981); Assessors of Lynnfield v. New England Oyster House, Inc., 362 Mass. 696, 702 (1972). NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA
Live Demonstration NRAAO 2018 Richard J Conti, ASA, ARM/PP, MAAO Taunton, MA Resources Adams, Charles, 1993, For Good and Evil: The Impact of Taxes on the Course of Civilization, Madison Books. 2 Rehnquist, William H. 1992 Grand Inquests :The Historic Impeachments of Justice Samuel Chase and President Andrew Johnson. William Morrow & Company, Inc. New York, NY. 3Steuerle, C. Eugene The Tax Decade
4 Adams, Charles 1998 Those Dirty Rotten TAXES, The Free Press, New York NY USPAP Richard 2016 ASA, 2017 The Appraisal J Conti, ARM/PPedition, , MAAO Taunton, MA Foundation NRAAO 2018
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