When appraising personal property, the appraiser must analyze prior sales of the subject over what time period?

The requirement for an appraiser to analyze prior sales of the subject over a time period deemed "reasonable and applicable" recognizes that the context of the appraisal is key. This allows the appraiser flexibility to consider a time frame that reflects relevant market conditions and the nature of the personal property being appraised.

In some cases, analyzing sales data from the past year may provide a good snapshot of the current market, while for other types of personal property, such as collectibles or unique items, a broader period—like three to five years—might yield a more accurate perspective on value trends. The appraiser's judgment is essential in determining what constitutes a reasonable timeframe based on the specific characteristics of the property and the availability of market data. This approach aligns with the standards of due diligence expected in professional appraisal practice, ensuring that the appraiser uses the most applicable and relevant information to arrive at a credible value conclusion.