Fair Market Value

Anyone else having difficulty obtaining Fair Market Value? We have two timeshares, one given back to owners, the other in our possession.

Our Medicare Audit requires the official FMV of these units, but obtaining an assessment is the rub. Anyone else solve this without frustration?

An official assessment can come from owners of property, or from an Official Assessment (which may involve a fee, ) We are willing to pay depending on the fare.

I find it hard to believe a $ 40,000 unit is worth 1/100 today

Unfortunately the fair market value of your timeshare is what you can get for it . You could go to Ebay and other sites and download similar properties and hope that will satisfy your requirements. I would contact the audit office and let them know that there is a problem getting an appraisal and ask them what proof they will accept .

Thanks Don, I agree with your logic, but I need that piece of paper, and it must be from a legit business. At this point, the "official document" is the key factor. Thanks again for the suggestions.

marshalls39 wrote:

Anyone else having difficulty obtaining Fair Market Value? We have two timeshares, one given back to owners, the other in our possession.

Our Medicare Audit requires the official FMV of these units, but obtaining an assessment is the rub. Anyone else solve this without frustration?

An official assessment can come from owners of property, or from an Official Assessment (which may involve a fee, ) We are willing to pay depending on the fare.

I find it hard to believe a $ 40,000 unit is worth 1/100 today

Personally, I don't think there is a timeshare week anywhere on Planet Earth worth even remotely near $40k, so having originally paid such an amount to a greedy developer really has no particular relevance to its' actual "fair market value" --- not then, not now and not anytime in the future.

That being said, I do not envy your predicament. Assigning or obtaining an accurate "fair market value" for a timeshare is a lot like trying to nail Jello to a wall. One fellow in Montana (James Tarpey, an attorney and principal in Donate for a Cause) got himself into serious trouble with Uncle Sam for being involved with issuance of inflated, inaccurate timeshare "appraisals". Realtors generally know very little (or nothing at all) about timeshares, as there is too little commission in timeshare resales for them to bother to get involved or to become well informed, so that avenue is also unlikely to be of any particular use or value.

You might consider inquiring directly of the County tax office where your timeshare is located as to what numerical valuation they currently assign to your specific interval ownership for their property taxation purposes. While perhaps not precisely accurate, whatever they can provide to you for documentation will at least be of governmental origin and therefore likely far more credible and acceptable to the the Medicare audit process than "closed eBay auctions". Just offering a suggestion for your consideration --- there are really precious few (i.e., almost no) other "official" avenues for the kind of credible, third party documentation that you seek to obtain and submit for a Medicare audit. Good luck.