Does New Jersey license the appraisers who value personal property for insurance?
No. New Jersey's appraiser licensing statute applies to real estate appraisal assignments only. There is no state license for appraisers of jewelry, art, equipment, or collections, so insurers evaluate methodology and standards compliance instead; our reports are prepared to USPAP.
Can my New Jersey business use its tax true value for insurance scheduling?
It should not. For locally assessable business personal property, New Jersey presumes true value equals original cost less book depreciation, an accounting convention built for taxation. Insurance coverage decisions need current replacement cost or market value, which can differ sharply from a depreciated book figure.
Is household property taxed as personal property in New Jersey?
No. N.J.S.A. 54:4-9.1 reaches certain nonbusiness tangible property but expressly excludes household personal property and personal effects. With no tax listing to fall back on, an insurance appraisal is usually the only formal, itemized record of what your contents are worth.
How do insurance appraisals differ from New Jersey inheritance tax appraisals?
Different standards and different appraisers. Inheritance and estate tax valuations use clear market value at the date of death, are made by Division of Taxation representatives, and can require broker or dealer support on demand. Insurance coverage appraisals are private engagements measuring what your policy insures, on the valuation basis the policy specifies.