Call Mike at 941-315-2727 to discuss the property and the date you need.

Why a Date-of-Death Value Matters

For federal income tax purposes, inherited property generally receives a basis equal to its fair market value on the decedent's date of death (or on the alternate valuation date, six months after death, if the estate elects it). The alternate valuation date is available only when a federal estate tax return is required and the election reduces both the gross estate and the estate tax, so most families will use the date of death. That figure, often called the "stepped-up basis," can significantly affect the capital gains tax owed when heirs later sell. A well-supported appraisal documents that value so you and your tax advisor are not relying on a guess years after the fact.

Estate and trust administration also call for credible values to:

• Divide property fairly among beneficiaries
• Support a buyout when one heir keeps the home
• Report values on an estate tax return when one is required
• Document values for probate inventories and trust accountings
• Establish a starting point for later sale or gifting decisions

Florida does not impose a separate state estate or inheritance tax, but federal rules on basis and, for larger estates, federal estate tax still apply. Your attorney or CPA can tell you which requirements affect your situation.

Florida homestead. A Florida homestead that is protected property often passes to heirs outside regular probate administration, but the heirs still need a date-of-death value to document their stepped-up basis when they later sell. If property taxes are part of the picture, see our property tax appeal appraisals.

Retrospective Appraisals Done Right

A date-of-death appraisal is a retrospective appraisal: the value is stated as of a past date, not today. That means comparable sales, listings, and market conditions are analyzed as they existed around that date. In markets that have shifted, a current value can be very different from the date-of-death value, and using the wrong one can create problems down the road.

We can prepare appraisals as of the date of death, as of an alternate valuation date, or as of another date your advisor specifies. If the property has changed since the date of death, such as repairs, renovations, or storm damage, tell us so we can address the condition as it existed on the effective date. The report will disclose any assumptions about the property's condition on that date. This often comes up for homes affected by Hurricanes Helene and Milton.

Experience You Can Rely On

Mike Petrone is a Florida Certified General Real Estate Appraiser with an MBA and over 30 years of valuation experience across 10,000+ assignments. His license covers residential and commercial property, so a single appraiser can value the family home, a rental duplex, a vacant lot, and a small commercial building in the same estate with consistent methodology.

Many Southwest Florida estates include a long-held home in an older Sarasota, Venice, or Bradenton neighborhood, a condo in a building facing new inspection and reserve requirements, a storm-affected property in Englewood or Port Charlotte, or a lot in North Port that the family has never seen. We value all of these across Sarasota, Manatee, and Charlotte counties.

How It Works

1. Consultation. Tell us about the property, the date of death or other effective date, and who will rely on the report (for example, the personal representative, trustee, attorney, and CPA).
2. Engagement. We confirm the scope of work, intended use, and intended users in writing.
3. Inspection. Mike inspects the property. If it has been sold or changed, we will discuss how to approach the assignment.
4. Research and analysis. We study sales and market conditions around the effective date. All analysis and conclusions are Mike's.
5. Report. You receive a clear, USPAP-compliant report suitable to hand to your attorney, CPA, or the IRS.

Turnaround

Timing depends on the number of properties, the property types, how far back the effective date is, and any filing or probate deadlines. Your delivery date is typically quoted at engagement, after we confirm the scope. If you are working against a tax filing or probate deadline, let us know when you first call so we can confirm the schedule before you engage. We respond to all inquiries within 1 business day.

Estate Appraisal FAQ

Can you appraise a property as of a date several years ago?

Often, yes. Retrospective appraisals rely on historical sales and market data. The further back the date, the more important it is to know the property's condition at that time, so gather any photos, repair records, or listing information you have.

The house has already been sold. Can you still appraise it?

In many cases, yes. We can discuss how the sale, the property's condition at the date of death, and available records affect the assignment.

Who should order the appraisal?

Typically the personal representative, trustee, or the estate's attorney or CPA. The engagement will name the intended users so the report can be relied upon appropriately.

Do I need an appraisal if there is no estate tax due?

Many families still want one to document the stepped-up basis for future capital gains reporting and to divide property fairly. Ask your CPA or attorney whether an appraisal is advisable in your situation.

Can you appraise more than one property in the same estate?

Yes. We can value multiple residential and commercial properties for the same estate, which keeps methodology and effective dates consistent.

What if the estate owns a partial interest or an LLC interest?

Tell us at the start. We can appraise the underlying real estate; discounts for fractional or LLC interests usually require a business appraiser.

Do you also handle gift appraisals?

Yes. The same principles apply when property is gifted during life; the effective date is generally the date of the gift. Gift tax returns have IRS adequate-disclosure requirements for appraisals, and our gift appraisal reports include the appraiser qualifications those rules call for. Your tax advisor can confirm the requirements.

Get a Defensible Date-of-Death Value

Give your family, your attorney, and your CPA a value they can rely on. Mantis Valuation Advisors handles these assignments with care and confidentiality.

This page is general information, not legal or tax advice. Please consult your estate attorney or CPA about basis, alternate valuation, and filing requirements for your situation.