Date of death valuations

Why would I need a "date of death" valuation?

To keep you out of trouble with the IRS!!

• Estate tax liability
• Disposition of assets under a will or in probate
• Establish a tax basis against future sales

How is it different than any other appraisal?

The primary difference is that the value is based upon a date in the past (typically the date of death of the property owner).  This is called a retrospective report.

When should I get it?

As close to the date of death as possible.  The more time between the acutal appraisal date and the date of valuation, the higher the cost of the report.  This is due to the additional time required to research "historical data sources" rather than currrent ones.  You may or may not ever have to prduce the report to the IRS, but the initial fee - typically around $400 - for a report produced within a year of the date of death is much less than that same report produced 5 years after the date of death (2 to 3 times as much).

Who would use this type of report?

Attorneys, accountants, executors and others rely on City Appraisal Services for "date of death" valuations because such appraisals require special expertise and training. They require a firm that's been in the area for some time and can effectively research comparable contemporaneous sales. 

Real property isn't like publicly traded stock or other items which don't fluctuate in value very much or for which historical public data is available. You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect. 

Please browse our website to learn more about our qualifications, expertise and services offered.