An estate appraisal establishes what the property was worth on the date of death, not what it is worth today. That date sets the tax basis the heirs inherit, which is why the analysis is anchored to it and why the support behind the conclusion matters more here than almost anywhere else.
What this assignment is scoped to do, stated before you engage.
When property passes at death it is valued as of that day, because that is the day it transferred and the day the basis was established. A current value answers a question nobody in the estate is asking.
That makes this a retrospective assignment. I analyze the market as it existed on the date of death using sales that were available then, and I inspect the property as it stands now while identifying anything that has changed in between. Both halves are disclosed in the report.
When property passes at death, the heirs' cost basis generally resets to fair market value as of that date rather than what the deceased originally paid. If the property is later sold, that reset can substantially reduce the capital gains exposure.
A supported appraisal is what documents the number. I am not a tax advisor and I do not give tax advice; how the reset applies to a particular estate is a question for the estate's attorney or CPA. What I provide is the valuation the filing rests on.
County assessed values are mass-appraised. They are produced in volume by statistical models, they are frequently wrong on individual properties, and they are not developed to any standard the IRS recognizes as a qualified appraisal.
If the estate is never examined, nobody looks closely. If it is examined, an assessment is the weakest document in the file. That asymmetry is the whole argument for getting a real appraisal at the outset.
No. Retrospective appraisals are routine work, and the market data from that date still exists in exactly the form it always did. Sales that closed in that period did not stop being evidence because time passed.
What takes care is accounting for what changed at the property since. A roof replaced, a kitchen redone, a deteriorated outbuilding removed. Those are identified and adjusted for rather than ignored.
Usually the executor or administrator engages me and the estate covers the fee. Sometimes the estate's attorney engages me and bills it through. The engagement is what determines who my client is and who the report is prepared for, so it is worth settling before I begin rather than after.
That's a date-of-death appraisal, and it's a routine assignment. I analyze the market as it existed on the date of death, using sales available then, and inspect the property today while noting anything that has changed.
The current value isn't the relevant question. The value on that date is.
Because that's the date the property transferred and the date the tax basis is established.
This makes it a retrospective assignment — the analysis is anchored to a past date rather than today's market.
When property passes at death, the heirs' cost basis generally resets to fair market value as of the date of death rather than what the deceased originally paid. That can substantially reduce capital gains tax if the property is later sold.
A supported appraisal documents that value. I'm not a tax advisor — your CPA or estate attorney should tell you how this applies to your situation.
You can try. County assessed values are mass-appraised, frequently inaccurate, and not developed to any standard the IRS recognizes as a qualified appraisal.
If the estate is examined, an assessment is the weakest thing you can be holding.
No. Retrospective appraisals are routine. The market data from that date still exists.
I inspect the property as it stands today and account for anything that changed in the interim.
Usually the executor or administrator, with the estate covering the fee.
Frequently, yes — to establish values for the inventory, to support tax filings, and to divide property fairly among beneficiaries. Your probate attorney will tell you what your specific case requires.
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You will reach Scott directly. Expect questions about intended use and effective date before a fee is quoted.
Discuss an estate assignment