Accurate building and contents valuation is critical for maintaining adequate coverage of district assets. All too often, district property values are a combination of in-house estimates with inadequate documentation of improvements or additions over the years. Rising construction costs combined with an outdated property valuation can create unacceptable exposure to the fund balance in the event of a major property claim.
PCAT provides annual property valuations to confirm the district buildings and contents are properly valued at replacement cost.
The PCAT property valuation team physically inspects and documents all district buildings and outdoor property, creating a clean-sheet district inventory noting construction type, materials, age, and building quality. The property valuation team surveys the footprint of each structure to ensure accurate per square-foot valuation.
All buildings, structures and outdoor properties are photographed and digitally archived. Properties inventories are documented via spread sheet property schedules, and a district schematic of all properties is developed from the building surveys. PCAT provides each Member a property valuation documentation package in both hard copy and electronic formats.
All property valuation data is modeled using industry standard property valuation software systems to create a universally accepted replacement cost value for district property assets.