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What is a date-of-death (retrospective) appraisal?
A retrospective appraisal estimates market value as of a past date, such as the date a property owner died. Estates use it to establish stepped-up basis for income tax, to divide property among heirs, or for probate. The appraiser uses sales that occurred around that past date rather than today's market.
Answer by Scott D. Kelley, Kentucky Certified General Appraiser #4265. General information, not legal advice or an appraisal of any property.
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