Who is a qualified appraiser?
A qualified appraiser for the Land Preservation Tax Credit is one who is licensed in Virginia as provided in Virginia Code § 54.1-2011, and who has sufficient, verifiable education and experience to appraise the type of property in question.
The Real Estate Appraiser Board licenses real estate appraisers. The Board is part of the Dept. of Professional and Occupational Regulation. Please visit the DPOR website for more information about licensing.
What is an appraiser’s role in the Land Preservation Tax Credit?
The amount of the credit is based upon the fair market value of the land at the time of the donation. As an appraiser, you are responsible for determining that.
You should follow the Uniform Standard of Professional Appraisal Practice (USPAP), § 170(h) of the Internal Revenue Code, and Virginia Code § 58.1-512.1. Please see our Appraiser Guidelines for more information.
Include the following with the appraisal: A signed statement or notarized affidavit stating that, to the best of your knowledge, the appraisal complies with Virginia Code § 58.1-512.1(C). For further details on the affidavit, and a sample statement, please see Land Preservation Credit Affidavit Requirements.