NAFA member JSSI Advisory Services shares what you need to know about aircraft appraisals.
What is an aircraft appraisal?
Appraisals are used across the board to determine the value of assets. You may have encountered an appraisal while securing your home mortgage, for example, and they are also used to determine the worth of your business aircraft. The American Society of Appraisers (ASA), the governing body for appraisal accreditation, defines the process as “an unbiased, third-party opinion of value.”
When you own and operate an aircraft, you may need to keep a finger on the pulse of your asset’s current value for tax and depreciation purposes, but it’s also important to be informed if you wish to refinance or sell your jet, turboprop or helicopter. Aircraft appraisals are often a required condition from many lenders and lessors prior to entering a financial transaction.
This article was originally published by JSSI Advisory Services on July 19, 2021.
