Simply put, a retrospective appraisal is the estimated value of a property in the past.
Example: The Appraiser was tasked with providing the value of the property 2 years earlier, which was the date of a [gift, taking, tax assessment, death]. The appraiser provided a retrospective appraisal, limited to using knowledge available in the Market at that time.
Most often retrospective appraisals are required to establish Fair Market Value when settling the estate of a family member. The report is typically included with any filing(s) to the IRS. Users include Attorney's, CPA's, Tax Advisors, IRS, Home Owners, Executor.
We are experienced with the procedures, requirements and data sources to accurately perform a retrospective appraisal with an effective date and Fair Market Value estimate that has occurred in the past. Additionally, the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Having a professional appraisal gives solid facts and figures to work with in meeting IRS and state agency requirements. Our detailed reports assure peace of mind to everyone concerned.
©Moore Appraisals 2021
Restrospective Appraisal Questions?
Do you have a question relating to retrospective appraisals? We can help. Simply fill out the form below and we'll contact you shortly with your answer, or if you prefer call our office at (256) 779-6085. Inquiries are kept confidential.