Peoria stepped-up-basis work should document historical fair market value without treating the city as one suburban market. Older southern neighborhoods, large northern master-planned areas, desert-edge sites, and later road or amenity buildout can represent different buyer decisions. The appraisal establishes the historical real estate value; tax treatment remains with the taxpayer and advisers.
Established southern neighborhoods may compete on remodeling, lot utility, and mature services, while newer northern communities can be driven by builder, HOA, amenities, lot position, and community identity.
Slope, washes, open-space adjacency, views, privacy, and usable area can separate properties that look similar in public records. Historical evidence should reflect those site differences when buyers recognized them.
Road connections, schools, commercial services, parks, and later subdivision phases can materially change a community's appeal. Only the stage that existed on the valuation date belongs in the historical fair market value.
A subsequent transaction may reflect renovations or a different market. It can provide context, but the historical value should be supported independently by evidence from the applicable date.
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