Selling an estate after the death of a loved one is never easy. When real estate is involved, one of the first questions families and attorneys face is what was the home worth at the time of passing? That’s where a date of death appraisal comes in.
Below, we’ll go over what these appraisals are, why they matter, and how our team at TAG can help you through the process.
What is a Date of Death Appraisal?
A date of death appraisal is a valuation report that reflects the market value of a property on the exact day someone passes away. These reports are commonly required for:
- Probate
- Estate tax filings
- Dividing real estate among heirs (such as children or siblings of the deceased)
Unlike a standard appraisal, the type of appraisal is retrospective. That means, although the assessment is conducted today, the value is based on the property’s condition and the real estate market at the time of death. This ensures accuracy during sensitive situations when emotions are high and families need straightforward, reliable answers.
Key Differences: Date of Death vs. Alternate Valuation Date
The IRS allows an Alternate Valuation Date, six months after death, if it lowers both the estate’s value and taxes owed. While not always as precise as a date of death appraisal, it can be helpful in certain situations.
Let’s take a closer look at these two methods, compare them, and determine when each is a better fit.
Aspect
Date of Death Appraisal
Alternate Valuation Date
Definition
Property value on the day of passing
Property value 6 months after passing
When Used
Standard method (default for estates)
Optional if it reduces estate value and taxes
Best For
Most estates; provides exact value at the time of death
Estates in declining markets or high-value properties
Accuracy
Direct snapshot of the past
May not reflect the true market at death
TAG Tip: Most families and attorneys rely on a date of death appraisal for accuracy and compliance. The alternate date is worth considering only if it provides clear tax savings.
Why Would You Need a Date of Death Appraisal?
In instances of losing a family member and having to handle their real estate, a date of death appraisal is a key tool for settling an estate smoothly. Beyond probate and tax filings, it also:
- Established a stepped-up basis, which can significantly reduce capital gains taxes if the property is sold later
- Provides heirs with a fair, documented value when deciding whether to keep or sell
- Gives executors and attorneys a clear financial picture for planning and distributing assets
- Executors managing the estate
- Estate attorneys and financial planners guiding families
- Heirs preparing to sell inherited property
Who's the Best Appraisal Company in North Carolina for Date of Death Appraisals?
When families and attorneys need a date of death appraisal in North or South Carolina, accuracy and compassion matter most.
Why TAG?
- Experts in retrospective appraisals (including date of death) since 2008
- 3-5 day turnaround time (faster than industry norms)
- Work directly with attorneys, heirs, and accountants
- Reports written for IRS and probate court compliance
- Sensitive to both legal deadlines and family needs
What our clients say:
“Needed a retrospective appraisal of a property inherited a quarter-century ago. TAG delivered a professional appraisal and thorough report in about one week. Very impressed.” – Jane C. via Google
If you’re looking for a trusted appraisal partner for a date of death appraisal in North Carolina, the TAG team is here to help- TAG us in!
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