A date-of-death appraisal establishes what a property was worth on the day its owner passed away. It is the most common type of retrospective appraisal, and for land, commercial and industrial property it is frequently the single most important number in settling an estate: it sets the stepped-up basis for the heirs and often determines how the property is divided or sold.
How a retrospective appraisal works
The appraiser values the property as it existed on the effective date, using sales, listings and market conditions from that time. If the date of death was three years ago, the comparable sales come from around three years ago, not from today. The inspection still happens now, but the appraiser accounts for any changes to the property since the valuation date.
Why it has to be done properly
The value on the date of death becomes the heirs’ cost basis. If the property is later sold, the gain or loss is measured from that number. An undocumented or inflated figure can create problems years later. A properly supported appraisal with the comparables and reasoning written out avoids that.
Property types
- Vacant land, acreage, agricultural and timber land
- Commercial buildings and mixed-use property
- Industrial buildings, warehouses and yards
- Multifamily and investment property
- Fractional and partial interests in any of the above
What we need from you
The property identification, the date of death, and any information about the property’s condition, use and income at that time. Old listings, prior appraisals, leases in effect on that date and photographs are all helpful. If you are not sure what you have, call (813) 841-1927 and we will walk through it with you.
Our appraisal services
Land, Acreage & Agricultural Appraisals · Commercial, Office & Retail · Industrial & Warehouse · Multifamily & Investment · Contact
