Determining Property Values of an Estate
Date of Death Valuations determine the value of real estate as of the date that the owner died.
Reasons for Date of Death Valuations Include:
- Estate tax liability
- Disposition of assets under a will or in probate (Estate Appraisals)
These situations are usually stressful and complex, and must be handled carefully and with practices that will hold up in court, i.e., are defensible.
A Date of Death valuation requires an historical appraisal, also known as a retrospective appraisal.
This type of appraisal determines the Fair Market Value of property as of a specific date in the past. Attorneys, accountants and executors and others rely on Appraisal IQ for Date of Death valuations because of the familiarity and experience we have in performing residential real estate appraisals in the local real estate market in Austin and Central Texas.
Be Prepared for the Appraisal
In order to facilitate the appraisal of property as of a date in the past, you may need to provide records such as deeds, inspection records or photographs that can substantiate the condition of the property at the time the records were created. The appraiser will use this information as well as historical market data (such as sales in the Multiple Listing Service (MLS)) and construction data (cost to build) to determine the market value of the real estate as of the date required.
If you need an appraisal for a divorce, or for dividing assets, or for another reason that requires a historical appraisal, please email email@example.com, or call (512) 541-2107 for more information.