What Is a Retrospective Appraisal and When Is One Required?

Most people think of an appraisal as a current value opinion. But in many legal, tax, and financial situations, the relevant date of value is not today but a date in the past. That is where a retrospective appraisal comes in.

What Is a Retrospective Appraisal?

A retrospective appraisal establishes the market value of a property as of a specific historical date. The appraiser researches the market as it existed at that time — using sales data, market trends, and economic conditions from the relevant period — to develop a credible opinion of what the property was worth on that date.

Common Uses for Retrospective Appraisals

• Date of death appraisals — Required for estate administration, probate, and establishing stepped-up basis for heirs

• Divorce proceedings — When the date of separation or filing is the relevant date of value

• IRS gift tax filings — To establish the value of property at the time it was gifted

• Charitable contribution deductions — To document the value of real property donated to a qualified organization

• Co-owner and partnership buyouts — When co-owners need a property's value as of a past date.

• Property tax appeals — To establish value as of January 1 of the tax year

Mantis Valuation Advisors has extensive experience with retrospective appraisals throughout Southwest Florida. Contact us to discuss your situation.