Retrospective Appraisal Reports

Appraisal reports that are completed on a property as of a past / historic date are called retrospective appraisal reports.  This type of estate appraisal report is often requested from appraisers for IRS reporting since estates are often valued as of the "date of death."  While we are not tax experts, and we recommend the use of a CPA for all IRS filings, it is our understanding that there is a 6-month window on the "date of value" following a death.  Retrospective appraisal reports are also completed for litigation and civil disputes.  

When the retrospective date of an appraisal report, or its "effective date," is relatively recent being within 12-months, gathering data for the appraisal assignment is not significantly more difficulty than gathering data for a current report.  When the "effective date" of a retrospective appraisal is beyond 12 months, looking into the past becomes a bit more challenging.  When requests are made for reports with an "effective date: over 5 years old, significant time and effort may be required to complete the assignment.

Market data has become significantly better for appraisers to obtain over time.  Data from as recently as 1998, or about 10 years ago, was not digitally recorded and is thus not computer accessible via most common sources.  Thus, the research time for very old retrospective dates can be considerably more than that for a current appraisal.  

Contact us with your questions or concerns regarding retrospective appraisals or regarding your specific appraisal assignment in Nevada at 1-702-568-6699.  We can also be e-mailed at grigdon@cox.net.  

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.