Date of Death appraisals are specific valuation reports completed for potentially several reasons. The most common reason is known as a step-up in basis. This means that the government / IRS needs to know the value of the property at the time of death so that they can calculate how much tax is owed when the property sells afterward. The benefit of getting a date of death appraisal is that the new calculated amount removes the appreciated amount that occured during the owner’s life. The new calculated amount owed from the time of death to the sale of the property is called capital gains tax.

Another reason people request a date of death appraisal in NJ is because a sibling may be looking to buyout another siblings portion of the inheritance. Having an independent third party perform the market valuation is a fair way to obtain the amount of buyout.

We fully understand that it may be a difficult time to go through this process and want to convey clearly that we will provide full confidentiality, discretion and empathy. The information we obtain during the appraisal inspection will only be sent to you and / or the requested attorney or accountant. We will not post any of the information online nor will we solicit realtors or contractors to contact you. As independent third party appraisers, we have no interest in the real estate appraised and have no benefit of the outcome. Our job is provide a fair market value to our clients and intended users and no one else.

A date of death appraisal inspection is not far off from a standard appraisal inspection. Depending on how far back the date of death was, the appraiser will ask if any changes have occurred to the property since the death. If there were changes, the appraiser would remove them from the analysis as we are developing an opinion of value based on how the property was during that date.

The client does not have to do much to prep for the appraisal. If the client still has interior access to the property, the appraisal will perform an interior inspection. This includes measuring the house to calculate the square footage, taking both interior and exterior photos, notes on condition and quality and room count. Therefore just making it easy for the appraiser to access the rooms and basement including the utility room would be helpful.

If we do not have access to house in the case that it perhaps has sold already, we can perform a retrospective appraisal based on an exterior inspection plus other information we gather. This is from the tax records, ideally an MLS listing and any notes from the client. An MLS listing is ideal because they often have interior photos, room count and other pertinent information.

We currently work with some of the best estate attorneys in NJ for date of death appraisals. Our residential appraisers have 25 years of experience and our commercial appraiser has over 30 years experience. On the residential side, we are certified licensed which is the highest license for homes and our general certified appraiser on the commercial side has an MAI which is the highest designation. We have been approved in multiple county and state level courts as expert witnesses. We have also presented to the Bar Association for attorneys as well as top realtors to inform them on the latest trends in appraising.