International Valuation Standards	Uniform Standards of Professional Appraisal Practice
Appraisal Institute (AI)	American Institute of Certified Public Accountants(AICPA)
International Society of Appraisers (ISA)	National Association of Independent Fee Appraisers (NAIFA)
Association of Machinery and Equipment Appraisers (AMEA)	American Society of Appraisers (ASA)
International Association of Assessing Officers (IAAO)	Risk Management Association (RMA)
Center For Advanced Property Economics	Machinery Dealers National Association (MDNA)
National Association of Certified Valuation Analyst (NACVA)	Turnaround Management Association (TMA)
Institute For Professionals In Taxation (IPT)	US Bureau of Economic Analysis (BEA)
US Internal Revenue Service (IRS)	US Bureau of Labor Statistics (BLS)
Indiana Department of Local Government and Finance (DLGF)	Michigan Assessors Association (MAA)

SOME HELPFUL INFORMATION REGARDING TYPES OF VALUE

Replacement Cost New - Is the current cost of a similar new property having the nearest equivalent utility as the property being appraised, as of a specific date.

 

Reproduction Cost New - Is the cost of producing a new replica of a property on the basis of current prices with the same or closely similar materials, as of a specific date.

 

Insurance Replacement Cost - Is the Replacement Cost New as defined in the insurance policy, less the cost new of the items specifically excluded in the policy, if any.

 

Fair Market Value In Continued Use - Is the estimated amount expressed in terms of money that may reasonably be expected in exchange between a willing buyer and a willing seller with equity to both, neither under any compulsion to buy or sell and both fully aware of all the relevant facts and including installation and assuming the earnings support the value reported.

 

Fair Market Value Installed - Is the estimated amount of an installed property expressed in terms of money that may reasonable be expected in exchange between a willing buyer and a willing seller with equity to both, neither under any compulsion to buy or sell and both fully aware of all the relevant facts, as of a specific date.

 

Fair Market Value Removed - Is the estimated amount expressed in terms of money that may reasonably be expected for an item of property between a willing buyer and a willing seller with equity to both, neither under any compulsion to buy or sell and both fully aware of all relevant facts, considering removal of the property to another location, as of a specific date.

 

Liquidation Value In Place - Is the estimated gross amount expressed in terms of money which is projected to be obtainable from a failed facility assuming that the entire facility would be sold intact within a limited time to complete the sale, as of a specific date.

 

Orderly Liquidation Value - Is the estimated gross amount expressed in terms of money which could be typically realized from a liquidation sale, given a reasonable period of time to find a purchaser(s), the seller being compelled to sell on an as is - where is basis, as of a specific date.

 

Forced Liquidation Value - Is the estimated gross amount expressed in terms of money which could be typically realized from a properly advertised and conducted public auction, with the seller being compelled to sell with a sense of immediacy on an as is - where is basis, as of a specific date.

 

Salvage Value - Is the amount expressed in terms of money that may reasonably be expected for the whole property or a component of the whole property that is retired from service for use elsewhere, as of a specific date.

 

Scrap Value - Is the amount expressed in terms of money that may reasonably be expected for the property if it were sold for its material content, not a productive use.