Just as homeowners need appraisals for their property, Equestrians also need to know the value of their horse(s) and the property/equipment associated with them. Like a home, horses are a serious investment and there are several reasons why an Equestrian may need to have an appraisal done.
Donation: If the value of the horse is under $5000, then an Equestrian may not need an appraisal done. However, if the horse is valued at over $5000, the IRS requires that taxpayers get a qualified appraisal in order to claim the deduction on their taxes.
Insurance policies and claims: You insure your home and your car, so it stands to reason that you’d also want to insure your horse and the property/equipment associated with them. Having an appraisal done would allow for appropriate coverage levels and help you to cover the expenses incurred in the case of sudden injury, illness, disease, or theft.
Divorce or estate settlements: Despite our best efforts, life (and death) happens. Equestrians need to be aware of the value of their investments should the need arise for any court proceedings or, in the case of a death, to allow for the value of the asset for tax purposes.
Who can perform an equine appraisal and how do they determine the horse’s value?
Not just anyone can perform an appraisal for your horse. An Equine Appraiser must be certified by the Appraisers Qualification Board and the American Society of Equine Appraisers. A background in the horse industry or a love of working with horses also helps.
There are several educational requirements required by the AQB, including 120 classroom hours and 700 field hours. There are also continuing education requirements that must be completed every five years to maintain their status. Appraisers often specialize in the valuation of certain breeds, as well.
Equine Appraisers determine a horse’s value by looking at the horse’s attributes: The horse’s history and performance records, bloodlines, conformation, eye appeal, overall health and soundness, their disposition, and the level of training that the horse has acquired. The value of the horse would be tied into the use that the Equestrian would be assigning to the horse – whether they’re a show horse or a work horse, etc.
Equine Appraisal can be a rewarding career for horse enthusiasts. While the U.S. Bureau of Labor Statistics does not collect data specifically on Equine Appraisers, it does note that appraisers and real estate assessors (the broad occupational group that it links all Appraisers within) earned a median annual wage of $61,870 in 2018 with claim adjusters, examiners, and investigators earning a slightly higher median wage for the same time-period.
Here at The Appraisal Station, we pride ourselves on providing the highest quality appraisal that we can for our customer. Our certified residential appraisers are fully trained and licensed and are standing by to help give you the knowledge that you need to make the best decisions possible for your home. In addition, we also have an Equine Appraiser on staff who is ready to assist with all of your equine appraisal need. If you’re looking for an appraisal, why not click here for a free quote or give us a call at 614-899-6943?