Historical Valuation

When an estate has a transfer of ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes. Often times during the settlement process, either an attorney or accountant will order an appraisal, or have a family member or the executor of the estate select a state certified real estate appraiser. There are times however when the appraisal for a step up in basis / date of death valuation is not performed within six months of a transfer in ownership due to a death.

Historical appraisals occur periodically in estate settlement situations. These involve appraising a home based on a prior date. This is usually the owner’s date of death. It is for this reason estate appraisals are commonly referred to by many attorneys and tax professionals as ‘date of death’ or 'step up in basis' appraisals.

Regardless of your needs, or the amount of time elapsed, I understand the complexities involved in assessing the value of real property under these circumstances. 

Remember, every estate situation is different. The type of appraised value required depends on the particular needs of the estate. This isn’t something you need to worry about. Your attorney or accountant can help direct you toward the type of value needed for the estate. Whenever needed, I would be happy to speak directly to your attorney or accountant and clarify exactly what’s required for your situation.