What is a Date of Death Appraisal?

When a loved one passes away, there are often many challenging pieces of business to take care of during an already emotional time. If the person was a property owner, acquiring what is known as a date of death appraisal will often be necessary. Many people are not familiar with this concept, but it is fairly simple to understand.

Receiving a Retrospective Appraisal in Jacksonville

After someone passes away, there are final tax filings to be taken care of and assets will be divided among beneficiaries. New West Consulting explains that these are two of the primary reasons why a date of death appraisal may be requested by attorneys and/or courts.

An appraisal of the property being claimed, divided or inherited will be needed to establish the value of the property. However, it is not the current value that is needed; it is the value of the property at the time that the owner passed away. Determining this type of value is known as conducting a retrospective appraisal.

How Are Date of Death Appraisals Calculated?

Date of death appraisals are completed very similarly to normal property appraisals. If you schedule one, Jacksonville appraisers would visit the property and evaluate its condition, features and location. The primary difference is that instead of considering current market conditions when determining a value, the appraiser will take into the consideration the market conditions that were present on the date of death.

Receiving Two Appraisals At Once

The Sacramento Appraisal Blog explains that in some cases, you might want to receive two values from your appraiser. During the time of a single inspection, you could receive the date of death appraisal figure, as well as the “as is” market value for the current date.

Whether or not you need one or both of these calculations will depend upon the future use of the property. It can be very helpful to learn the current market value of the property if you plan to sell it in the near future. Receiving this value now can save time and hassle in the future.

Choosing an Experienced Appraisal Company

When dealing with date of death appraisals, it is important to work with an experienced and qualified Jacksonville probate appraiser. By choosing an appraiser or appraisal company with a strong reputation, you can rest assured that these professionals understand the various Florida state legal requirements surrounding estate issues and tax regulations. A knowledgeable appraisal team can reduce some of the stress in an already difficult and emotional situation.