When an estate holds residential real estate, someone has to establish what that property was worth on the date of death. Censeo Valuation Consultants provides independent retrospective appraisals for executors, personal representatives, trustees, attorneys, and CPAs across Maricopa and Pinal Counties. Andrew Ament, Arizona Certified Residential Appraiser #21472, has completed more than 8,500 assignments over 20+ years and handles every estate assignment personally.
Why an estate needs an appraisal
Basis for heirs. Inherited property generally takes a basis equal to its fair market value at the date of death. The appraisal gives the estate a supported, documented opinion of that value. The estate’s CPA or tax attorney determines how it applies to basis, including any alternate valuation date election and consistent basis reporting.
Estate tax filings. When a return is required, the value reported for real estate has to be supported, and an appraisal developed under USPAP is the standard support.
Distribution among heirs. When property is divided, sold to one heir, or used to equalize shares, an independent value keeps the decision from resting on any one beneficiary’s preference.
Probate. When a personal representative has to inventory estate assets or a court needs a supported value, the report identifies that use and the intended users from the start.
How a date of death appraisal is developed
A date of death appraisal is retrospective. The analysis uses comparable sales and market conditions as of the date of death, not today’s market, and it can be completed months or years later, including on a property that has already sold.
When the estate may elect the alternate valuation date six months after death, say so at the outset. Two effective dates require two sets of market data, which changes the scope and the fee.
The property is appraised as it existed on the effective date. When it has since been cleaned out, repaired, or renovated, its earlier condition is established from photographs, listing history, permits, and interviews, and any assumption the analysis depends on is stated plainly in the report. Every assignment is developed and reported under USPAP by a state Certified Residential Appraiser.
What to have ready
The property address, the date of death, the intended use (tax filing, probate, distribution, or sale planning), the names of the attorney or CPA involved, and anything showing the home’s condition at the time. Estate appraisal fees depend on property complexity and the number of effective dates. See what drives appraisal cost in Arizona.
Donating building components
Estates and heirs planning to rebuild or remodel sometimes donate the home’s components to a nonprofit first. That is a separate IRS qualified appraisal with its own requirements under Form 8283. See IRS qualified appraisals.
Related services
Appraisals for Financial Planners, CPAs, and Trustees
Litigation Support Appraisals
Divorce and Marital Dissolution Appraisals
Discuss an estate matter
Call 480.540.5151 or email andrew@censeovc.com. A scope conversation is free. You can also send a request through the contact page.
Andrew Ament is an Arizona Certified Residential Appraiser, License #21472, with more than 20 years of experience across Maricopa and Pinal Counties. Learn more about Andrew Ament’s qualifications.