There are three categories of effective dates in appraising: 1) Current, 2) Retrospective and 3) Prospective.
A current effective date is typically requested by mortgage lenders, for example. A prospective effective date (subsequent to the date of the report) may occasionally be required for valuations of property interests related to proposed developments, or for other reasons. As such they project "forecasted" value estimates, or what a value is expected to be based on trend analysis projected to a future date.
However, retrospective appraisals are based on a prior date and are often required for estate tax liability, disposition of assets under a will or in probate, dissolution of marriage or a business, property tax matters, inheritance tax matters, condemnation proceedings, law suits to recover damages, and other similar matters. Whatever the situation -- none are lacking stress and complexity -- you might need an appraisal of property that states an opinion of what the property was worth on a prior date, rather than when the appraisal is ordered. For estate tax purposes or disposition of the assets of a decedent, a "date of death" valuation is often required. (Sometimes, the executor of the estate may choose to have the date be six months after the date of death -- but the same principles apply.)
Attorneys, accountants, executors and others rely on Asset Valuation Consultants, Inc. for various retrospective valuations because such appraisals require special expertise and training. They require a firm that's been in the area for some time and can effectively research comparable contemporaneous sales.
Real property isn't like publicly traded stock or other items which don't fluctuate in value very much or for which historical public data is available. You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect.
Please browse our website to learn more about our qualifications, expertise and services offered.