“Date of Death” Appraisals

A Date of Death (DOD) retrospective appraisal is a critical step in the estate settlement process, offering an accurate snapshot of a property's value as of the date of the owner’s passing. This type of appraisal requires expertise in evaluating a property as it existed on that specific date, regardless of any changes or improvements that may have occurred since then. For example, renovations or upgrades made after the date of death, such as a new roof or remodeled kitchen, must be excluded from the valuation. This ensures that the appraised value reflects only the condition of the property at the time it was inherited.

Deferred maintenance is another key factor in a retrospective appraisal. Often, properties that have been owned for many years may show signs of wear, such as aging roofs, outdated systems, or needed repairs that were present at the time of the owner's passing. A knowledgeable appraiser will assess the condition of the property as it was then, accounting for any necessary repairs or maintenance that had not been addressed. This careful evaluation helps ensure that the appraisal is both fair and accurate, providing a true reflection of the property’s value at that time.

Hiring a skilled and experienced appraiser for a DOD retrospective appraisal is crucial to providing a reliable and objective valuation. Attorneys and CPAs rely on this accurate assessment to ensure compliance with tax regulations and to support proper estate planning. A professional appraiser brings both expertise and empathy to the process, understanding the sensitive nature of estate settlements while delivering a valuation that stands up to scrutiny. The peace of mind that comes with a well-documented, accurate appraisal is invaluable for all parties involved.