What is a date-of-death appraisal? A guide for appraisers and executors

A date-of-death appraisal is an appraisal of real property with an effective date set to the day the owner died. It is a retrospective assignment: the appraiser reports what the property was worth on that past date, not what it is worth today.

Executors and estate attorneys order these more than most appraisers realize, and they rarely use the technical terms. They search “date of death appraisal,” “estate appraisal,” or “probate appraisal near me.” This note covers what the assignment is, why the client needs it, and what to get right before you accept it. It is general education, not tax or legal advice; the estate’s attorney and tax advisors decide how the value is used.

Why executors need a date-of-death value

The same report can serve several purposes, which is why it is worth asking the client which ones apply:

• Cost basis for heirs. Inherited property generally takes a basis tied to its value at death. When an heir later sells, that number matters to their tax advisor.
• Estate tax filings. Larger estates may need a supportable value for the property on a federal or state estate tax return.
• Dividing the estate. When one beneficiary keeps the house and the others are bought out, everyone needs a value they can trust.
• Probate or court requirements. Some courts and fiduciaries want an independent value in the file.

Knowing the use helps you define intended users and scope. A report the heirs’ CPA will rely on for basis is a different conversation from one that may be reviewed in a dispute between siblings.

The effective date is the whole assignment

Because the effective date is in the past, the analysis has to reflect the market as of that date. Comparable sales should be ones that closed, or were known, around the date of death, and market-condition adjustments run toward that date rather than toward today. Sales that happened after the date of death can sometimes help confirm a trend, but they should be handled and explained carefully.

The property itself may have changed, too. Estates are often cleaned out, repaired, or left vacant for months before an appraiser is called. Ask early what the property looked like on the date of death. Photos, listing history, and the executor’s description help. When you cannot verify a condition directly, that is usually where an extraordinary assumption comes in, stated clearly in the report.

The alternate valuation date

For estates that file a federal estate tax return, the executor may be able to elect an alternate valuation date, generally six months after death, instead of the date of death. Whether that election is available or makes sense is a decision for the estate’s tax advisor, not the appraiser. Your job is to ask which date (or dates) they need before you quote. Two effective dates means more work, and it should be priced and stated that way.

What to confirm before you accept

• The exact date of death, in writing.
• Who the client is (usually the executor or the estate’s attorney) and who the intended users are.
• The intended use: basis, estate tax return, division, court, or a mix.
• Whether an alternate valuation date may also be needed.
• Access to the property, and what has changed since the date of death.
• Whether testimony or follow-up with counsel is likely, and how that is billed.

Those answers belong in your engagement letter. They also shape the fee, as covered in how to position appraisal fees for private work.

Why this matters for getting found

Executors are often handling a first estate while grieving. They want someone who explains the date-of-death concept plainly, answers the same day, and clearly covers the county where the property sits. Appraisers who name “date-of-death and estate appraisals” on their Google Business Profile and website, by town, are much easier to find than those who list only “residential appraisal.” See setting up Google Business Profile for private work and how appraisers get estate attorney referrals.

For the wider view of estate, divorce, tax appeal, and other private assignment types, see the assignment types section of the Private Appraisal Work Guide.

Part of the Private Appraisal Work Guide — assignment types, USPAP scope, fees, and how private clients find appraisers.

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