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Estate tax liability. Disposition of assets under a will or in probate. You might need a property appraisal stating its value on a past date, not the current one, in various stressful and complex situations. For estate tax purposes or disposition of the assets of a decedent, a "date of death" valuation is often needed. (Sometimes, the executor of the estate may choose to have the date be six months after the date of death -- but the same principles apply.) Attorneys, accountants, executors and others rely on MS Appraisals for "date of death" valuations because such appraisals require special expertise and training. They need 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 product taxing authorities and courts need and expect. |
Date of Death Valuations