What is a date of death appraisal?

A date of death appraisal is an assessment of the value of a property as of the date of the owner's death. It is often used to determine the value of an estate for tax or probate purposes, or to distribute the assets of an estate among heirs or beneficiaries.

There are several reasons why a date of death appraisal may be needed:

1. Tax purposes: If the value of the estate exceeds certain thresholds, it may be subject to federal or state estate taxes. The date of death appraisal can be used to determine the value of the estate for tax purposes.
2. Probate: In some states, the probate process requires an appraisal of the estate's assets, including any real estate. The date of death appraisal can be used to determine the value of the property for probate purposes.
3. Distribution of assets: If the estate is being distributed among multiple heirs or beneficiaries, the date of death appraisal can be used to determine the value of the property so that it can be fairly divided.

A date of death appraisal is typically conducted by a licensed appraiser who is familiar with the local real estate market and has the knowledge and skills to accurately assess the value of the property. The appraiser will consider factors such as the condition of the property, its location, and any unique features or amenities when determining its value.

In conclusion, a date of death appraisal is an assessment of the value of a property as of the date of the owner's death, and is often used for tax, probate, or distribution of assets purposes. It is important to use a licensed, qualified appraiser to ensure that the appraisal is accurate and reliable.