Retrospective Appraisal
Date of death appraisals, retrospective appraisals, probate appraisals, estate appraisals, and stepped-up basis valuation support for inherited property throughout California.
A retrospective appraisal develops an opinion of value as of a date that occurred before the appraisal was performed. The appraiser may inspect the property and complete the report today, but the value conclusion applies to the historical effective date specified in the assignment. The question is not what the property is worth now, but what it was worth at that earlier point in time.
The effective date identifies when the appraisal's value opinion applies. The inspection date identifies when the appraiser observed the property. These dates may be separated by months, years, or decades. A later inspection does not change the effective date. The appraiser must distinguish present-day observations from the characteristics and condition that existed historically.
A retrospective appraisal requires market evidence relevant to the effective date. Research may include comparable sales, contract and pending dates, historical price trends, inventory, neighborhood conditions, and other evidence showing buyer behavior during the period being analyzed. Current prices cannot simply be projected backward because market relationships can change over time.
The property itself may also have changed. Remodeling, additions, repairs, deterioration, damage, removal of improvements, or changes in use can create significant differences between the property inspected today and the property that existed on the effective date. Prior photographs, listings, permits, repair records, previous appraisals, and other documentation may help establish the historical condition.
Retrospective appraisals are commonly prepared for Date of Death valuation, estate settlement, trust administration, inherited property, stepped-up basis documentation, tax matters, litigation, historical financial analysis, and other assignments requiring a supported property value from the past. The intended use determines the appropriate effective date and scope of research.
Finding sales from the correct year is only the beginning. The appraiser must determine which properties actually competed with the subject on the effective date. Location, property type, condition, quality, size, site characteristics, views, parking, external influences, and other differences recognized by buyers can materially affect whether a historical sale is truly comparable.
A Date of Death appraisal is one type of retrospective appraisal. Retrospective appraisal describes the methodology of developing value as of a prior effective date. Date of Death appraisal describes a specific assignment in which that historical date is the date a property owner died.
A properly supported retrospective appraisal helps establish the fair market value of inherited real estate as of the date of death.
These reports are commonly used by:
Related appraisal pages:
For a full list of service areas, visit the Bay Area Date of Death Appraiser page.
Desktop retrospective appraisals available throughout California.
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