If you've been named executor of an estate that includes real property, one of your first practical tasks is establishing what that property was worth on the date the person died — or, in some cases, on an alternate valuation date six months later. This is the "date-of-death" value, and it drives estate tax calculations and how the property gets divided among heirs.
Why you can't just use the tax assessment
County tax assessments are often outdated, calculated using mass-appraisal formulas, and don't reflect a specific property's actual condition. The IRS and probate courts generally expect an independent fee appraisal — not an assessed value pulled from a tax record.
What makes a retroactive appraisal different
Establishing value as of a past date requires researching the comparable sales that existed around that date, not today's market. That's a different research process than a standard current-value appraisal, and it benefits from an appraiser with enough local sales history to do it well.
Where this fits with everything else you're managing
Executors are usually juggling far more than the real estate — notifying beneficiaries, filing paperwork, coordinating with an estate attorney. The appraisal is one task that can be handed off cleanly: give the appraiser the property and the relevant date, and get back a defensible number the rest of the estate process can build on.
Frequently asked
Who can order a date-of-death appraisal?
Typically the executor, an estate attorney, or an accountant handling the estate's tax filings.
Does it matter which date we use — date of death or six months later?
It can. An executor may elect the alternate valuation date if it better serves the estate; this is a decision usually made with the estate's attorney or accountant.