What a date-of-death appraisal is
A date-of-death appraisal is a retrospective appraisal: an opinion of a home's market value as of a past date, the date of death, instead of today. The inspection happens now, but the comparable sales, the market conditions, and the home's condition are all considered as they were on that date.
It's the same professional standard as any other appraisal (USPAP), signed by a licensed appraiser, with the effective date set in the past.
Why executors and heirs need one
Your CPA or estate attorney decides which of these apply to your situation. My job is to give them a value they can rely on.
- Cost basis for the heirs. When inherited property is later sold, CPAs commonly use its date-of-death value to establish basis. A documented appraisal supports that number.
- An estate tax return, if one is filed. When an estate files IRS Form 706, the return reports real estate at its fair market value as of the date of death.
- Dividing the estate fairly. When one heir keeps the house and buys out the others, or distributions need to be equalized, everyone needs a number they can trust.
- Probate and trust administration. Inventories and accountings often need a supported value for real property.
- Disagreements among heirs. An independent appraisal settles the "what's it worth" question with evidence instead of opinions.
How it differs from a regular appraisal
- The comparable sales are from the right time. I use sales that closed around the date of death and account for how the market was moving then, not what homes sell for today.
- The home is appraised as it was. If the house has been cleaned out, repaired, or updated since the date of death, I value it in its earlier condition. Photos from around that date, repair receipts, and a description from family all help.
- A later sale is evidence, not the answer. If the home has already sold, the sale price is useful, but the time between death and sale, any work done, and how the home was marketed can all mean the date-of-death value is different.
- A second date, if your CPA asks for it. Some estate filings use a valuation date other than the date of death. I can appraise as of that date too.
What I'll need from you
- The property address and the date of death
- Access for an inspection, or a note if the home has already sold or you can't get in, so we can talk through what's possible
- Any photos from around the date of death, and a list of repairs or updates since
- Any earlier appraisal, listing, or sale paperwork
- The names of the CPA, attorney, or others who will rely on the report
What it costs and how long it takes
Most appraisals fall between $500 and $2,000. A date-of-death appraisal usually sits above a standard current-value appraisal because it takes historical research, and the further back the date, the more research it takes. You'll get a flat fee quote before any work starts.
Most reports are delivered within 5–7 business days of the inspection. Older dates can take longer.