A date-of-death appraisal, also known as a retro appraisal, determines a property’s market value as of a specific past date.
Nathan Jordan with Triangle Appraisal Group (TAG) further explained, “Just like there’s an as-is or an as-repaired value appraisal, there’s also a retro appraisal. That’s what a date of death would be”.
These reports are often used when someone passes away and their heirs or attorneys need to determine the property’s value as of the date of death to settle the estate fairly and accurately.
Today, we’ll uncover why date of death appraisals are essential, everyday situations for these retrospective appraisal reports, and who to go to when you need one.
Let’s get into it.
When Would I Need a Date-of Death Appraisal?
A date-of-death appraisal gives you the home’s fair market value as of a specific past date, not what it’s worth today.
This value is often required by the IRS, attorneys, or courts to settle estates, handle taxes, or divide assets fairly.
Sometimes, the TAG team is contacted directly by a family member who’s handling the estate.
Other times, the request comes through an attorney or during a court proceeding.
Here’s a closer look at the most common situations:
- Estate settlement: Establishes the property’s fair market value so assets can be divided or transferred according to the will, or state law if there isn’t one.
- Probate: Required for the court-supervised process of settling an estate. The appraisal helps confirm the home’s value for paying debts, liens, and taxes before distribution.
- Private Requests: Families often order appraisals privately to avoid disputes and make informed decisions about selling, transferring, or keeping the property.
- Inheritance Decisions: Helps heirs understand the property’s value at the time of passing, guiding decisions about selling, renting, or retaining ownership.
- Tax Purposes/IRS Reporting: Shows the home’s value for IRS filings and helps reduce future capital gains taxes if the property is sold.
TAG Tip: Families and attorneys count on these reports to keep things transparent and conflict-free. It’s not uncommon for clients to need a follow-up appraisal months or even years later. As TAG’s COO explains:
“Sometimes the same client comes back to us later…they need to prove what the home was worth at the date of death, and now they need to show what it’s worth today for taxes”.
Real Life Scenarios Where Date of Death Appraisals Come into Play
While these situations are hypothetical, they’re inspired by real appraisal requests we’ve handled across Iredell County. Each one shows how a date-of-death appraisal can help families and attorneys make informed, confident decisions.
Statesville Story: Inheriting a Vacant Home
A family inherits a Statesville, NC home that’s been vacant for several months. They request a retro-appraisal to determine the home’s value for tax purposes and future estate planning.
Mooresville Moment: Dividing an Estate Fairly
Siblings in Mooresville, NC are dividing a property through probate and need a professional, unbiased valuation to ensure the process remains fair for everyone involved.
Troutman Case: Handling a Fixer-Upper Estate
A Troutman, NC home with deferred maintenance is part of an estate. The heirs need to understand the home’s value as of the date of death before deciding whether to sell, repair, or keep it in the family.
Top Reasons to Choose TAG for Date of Death Appraisals
When handling an estate, it’s essential to have a valuation partner you can trust who understands both the emotional and practical sides of the process.
Here’s why families, attorneys, and estate planners across North and South Carolina turn to the TAG team:
- Proven Experience: Decades of appraisal expertise, including hundreds of date-specific and retrospective valuations.
- Compassionate Service: Family-owned and operated, we approach every order with care and clear communication.
- Professional Trust: Preferred by estate planners, attorneys, and accountants for reliable, defensible reports.
- Quick Turn Times: Most reports are delivered within 3-5 business days after inspection, helping you keep the process moving smoothly.
- Local Knowledge: Serving over 40+ counties across North and South Carolina.
We’re proud to serve Carolina families and professionals with the same care and attention we’d want for our own.
When you need answers, you can count on TAG to deliver both accuracy and understanding – TAG us in!
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