Estate & Date-of-Death Appraisals in Milwaukee, WI

A date-of-death appraisal is a retrospective appraisal that estimates the market value of a property as of the date the owner passed away. This value is often used for estate administration, tax reporting, and determining a stepped-up cost basis. 

A retrospective appraisal develops an opinion of value as of a prior date rather than the current date. The appraiser researches market conditions and comparable sales that were relevant as of that historical effective date. 

An estate appraisal may be needed for probate, estate settlement, distribution among heirs, tax purposes, or to establish a property’s value as of a prior date. Attorneys, accountants, executors, and family members may also request an appraisal when an independent opinion of value is needed. 

We typically need the property address, the purpose of the appraisal, and the effective date required. For date-of-death or retrospective assignments, the date of death or other historical valuation date is especially important. Any available property records, prior appraisals, surveys, or information about improvements may also be helpful but not necessary.

That depends on the intended use of the appraisal. Some estate assignments require a retrospective value as of the date of death, while others may require a current market value. Because the appropriate effective date can depend on legal or tax considerations, we recommend confirming the required date with your attorney, accountant, or tax professional before the appraisal is completed. 

Turnaround time depends on the property and the complexity of the assignment. Most standard residential estate appraisals can be completed within several business days after the inspection and receipt of the necessary information. Retrospective or more complex properties may require additional research.