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Retrospective & Date of Death
What is a Retrospective / Date of Death Appraisal?
The value of a property on a specific previous historical date.
Retrospective Value is generally defined as:
“A value opinion effective as of a specified historical date. The term does not define a type of value. Instead, it identifies a value opinion as being effective at some specific prior date. Value as of a historical date is frequently sought in connection with property tax appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., “retrospective market value opinion.”
Source:Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago:Appraisal Institute, 2010).
In situations where the client is need of understanding what the value of their property was, as of a prior date, Retrospective Value is used.
This varies from Current Market Value which contemplates value more or less “today”, and Prospective Value which is at some time in the future.
The most common application of this is in estate settlement, divorce, tax appeal, or partner dispute. Within estate settlement purposes, the retrospective value opinion is paired with Fair Market Value
IRS Publication - Real Estate Appraisal - Valuation of Real Property
The IRS has defined the appraisal standards that must be met along with verifiable minimum education, designation and experience requirements for an appraiser performing appraisals for estate tax purposes.
The estate tax appraiser must have experience with IRS Real Property Valuation Guidelines. Treasury Regulation Section 20.2031-1(b) requires the residential appraiser to follow the valuation guidelines when preparing a real estate appraisal for tax purposes or retrospective date of death valuations. In addition, the real estate appraiser should be designated and qualified under IRS tax regulations Section 1.170A-17(a).
Fresno Appraisal are experienced "Estate Tax Appraisers" They follow the guidelines set forth by IRS Real Property Valuation in determining your home's value.
In addition our opinion of value (appraisal) prepared by a residential real estate appraiser for valuing assets at death will be well supported by a detailed report as to how the appraiser arrived at his or her conclusions of the fair market value of the property.
Your report will demonstrate to the user that the appraisal is well founded, substantiated, and meets with Treasury Regulations and state agency requirements. It is also wise to avoid submitting an appraisal that is more than two years old or an appraisal that does not meet other specific IRS guidelines for estate tax valuation of property.
The Primary objective of a appraisal report is to provide convincing and compelling support for the conclusion reached. "Appraiser's estimate of current market value."
Your appraisal report will contain all the information necessary to allow a clear understanding of the valuation analyses and demonstrate how the conclusion is reached.
Please consult a tax attorney for complete information on the legal and tax implications of the valuation of assets at death. Although an alternative date may be used for a date of death valuation of assets in some circumstances, the selection and rules governing this alternate date are complicated and beyond the scope of this website. You should order the appraisal from an experienced Estate Tax Appraiser (Appraisal IQ) after you have consulted with your attorney.)