Estate & Legal
Estate Appraisals Explained
By Carlos E. Larocca, Certified Residential Appraiser (Cert Res RD6469)5 min read
An estate appraisal establishes fair market value as of the date of death. Personal representatives use it for probate inventory, CPAs use it for step-up in basis, and families use it to divide property fairly. The analysis relies only on data available as of that effective date.
Why the effective date matters
Retrospective appraisals must ignore everything that happened after the effective date. A hurricane, a market shift, or a renovation completed a month later cannot influence the conclusion, which is exactly what makes the report defensible.
What the personal representative should provide
Date of death, access to the property, any known renovation history, prior listing information, and the name of the attorney or CPA who will rely on the report.
- Death certificate date or court-appointed effective date
- Keys, gate codes, or a scheduled access window
- Permits and renovation receipts if available
- HOA or condominium documents for units
Alternate valuation date
Estates may elect a valuation date six months after death when it reduces the taxable estate. When the election is being considered, the appraisal can address both dates so the CPA can compare.
Frequently asked questions
- Do all heirs need to agree on the appraiser?
- Not legally, but a single independent appraiser retained by the personal representative usually prevents disputes later.
- How much does an estate appraisal cost?
- Most South Florida estate appraisals run $500 to $1,000, depending on property type, complexity, and how far back the effective date sits.