PCAT Benefits - Property Valuation
The foundation of effective property risk management is proper documentation and valuation of district buildings and contents.
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 Rising construction costs combined with an outdated property valuation can create unacceptable exposure to the fund balance in the event of a major property claim.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.
Here’s how your PCAT program ensures accurate documentation and valuation on an annual basis.
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. A property inventory is provided in spreadsheet format, and a district schematic of all properties is developed from the building surveys. PCAT provides each Member a property valuation documentation package accessible online on your NAS360 Client Services Dashboard.
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.
Physical on-site inspections are initially performed when districts become PCAT Members. The Property Valuations are updated on annual basis reflecting any new construction, additions, deletions, as well as reflecting updates in material and labor costs.
Check out PCATprogram.org for more information on your PCAT program benefits.