Today’s market demands lower-priced alternatives to
arrive at the value of tangible personal property. Two
practices in use within the appraisal profession that
have responded to this demand are 1) net book value (NBV)
equals fair market value (FMV) and 2) trend and
depreciate historical property records. The question is
whether these lower-cost practices can still provide a
reasonable grasp of the asset values in question. 2004
