Estate & Date of Death Appraisal

Estate & Date of Death Appraisals

When a property owner passes away, an appraisal of their real estate as of the date of death is a critical component of estate administration. This retroactive appraisal establishes the fair market value of the property at the time of passing and serves as the basis for estate tax calculations, stepped-up cost basis determinations, and equitable distribution of assets among heirs and beneficiaries.

Madison & Park Appraisal is on the Court Approved Appraiser List in New York. We provide thorough, well-documented retroactive appraisals that meet the requirements of probate courts, the IRS, and estate attorneys throughout Westchester County, Manhattan, Greenwich CT, and surrounding areas.

Why a Date of Death Appraisal Is Required

Probate & Estate Administration: Probate courts require an accurate valuation of real estate holdings as of the date of death to ensure proper administration of the estate. The appraisal provides clarity on the value of the decedent's real property, facilitates compliance with legal requirements, and supports the orderly distribution of assets.

Estate Tax Compliance: The value of real estate at the date of death is used to calculate federal and state estate tax liability. For estates that exceed applicable exemption thresholds, an accurate appraisal is essential to determine tax obligations and avoid penalties from the IRS or state tax authorities.

Stepped-Up Cost Basis: Heirs who inherit property receive a "stepped-up" cost basis equal to the property's fair market value at the date of death. This is significant for capital gains tax purposes — if the property is later sold, the gain is calculated from the stepped-up value, not the decedent's original purchase price. An accurate date of death appraisal establishes this basis and can result in substantial tax savings for heirs.

Equitable Distribution Among Heirs: When multiple heirs are entitled to shares of the estate, a certified appraisal ensures that the real property is valued objectively, preventing disputes and supporting fair distribution among beneficiaries.

Retroactive Appraisals — How Far Back Can We Go?

A retroactive appraisal establishes value as of a specific past date rather than the current date. This requires a different analytical approach: the appraiser must rely exclusively on market data that was available as of the effective date, including sales that had closed by that date, market conditions at that time, and listing activity contemporaneous with that period.

We routinely complete retroactive appraisals going back several years. The further back the effective date, the more research-intensive the assignment — but our access to historical MLS data, public records, and comparable sales databases allows us to develop credible, well-supported opinions of historical value.

Working With Estate Attorneys and Accountants

We understand that estate attorneys and CPAs work under tight deadlines — probate filings, IRS estate tax returns, and stepped-up basis calculations all have firm due dates. We are experienced in working within these timelines and delivering reports that meet the formatting and evidentiary requirements of courts and federal tax authorities.

Our reports are prepared to USPAP standards and include all required certifications, assumptions, and limiting conditions. They are structured to be audit-ready and legally defensible.

We serve Westchester County, Manhattan, Greenwich, CT, the Bronx, Putnam County, and Rockland County.

Learn More: Read our complete Guide to Estate and Date of Death Appraisals.