Baltimore City · Baltimore County · Maryland
Date of Death and Retrospective Appraisals in Maryland
A date of death appraisal is a retrospective appraisal that reports the fair market value of real property as of the date the owner died. It is used for estate settlement, federal and Maryland estate tax reporting, and documenting the cost basis heirs use when the property is later sold. LendPort Appraisals, Inc. prepares these reports for property in Baltimore City, Baltimore County, and surrounding Maryland counties.
Assignment Facts
- Intended use
- Estate administration, estate or inheritance tax reporting, and cost basis documentation, as stated in the engagement letter.
- Intended users
- The personal representative or executor, the estate attorney, and the estate's CPA, plus any agency named in the report.
- Value reported
- Fair market value, consistent with the definition in Treasury Regulation §20.2031-1(b).
- Effective date
- The date of death; the alternate valuation date (six months after death) when elected under IRC §2032; or another past date specified.
- Report type
- Retrospective appraisal. The analysis reflects market conditions as of the effective date.
- Typical turnaround
- 5 business days typical, measured from engagement, receipt of required documents, and property access. Not guaranteed; the delivery date is confirmed in writing before engagement.
- Geographic coverage
- Primary: Baltimore City and Baltimore County, Maryland. Also: Anne Arundel, Howard, Harford, Carroll, Cecil, Frederick, Montgomery, and Prince George's Counties. Outside these areas, call before ordering to confirm geographic competency.
- Appraiser
- Boris Maslow, Maryland Certified Residential Real Estate Appraiser, License #300 27565; FHA Roster Appraiser.
- USPAP
- Developed and communicated in compliance with the current edition of USPAP.
Prefer to Talk?
Call, text, or email. Inquiries are answered within one business day.
What Is Required
- Date of death and the decedent's name
- Name of the personal representative and estate number, if the estate is open
- Photographs, repair records, or descriptions of the property's condition on the date of death
- Interior and exterior access, if the property is still owned by the estate
- Details of any sale, renovation, or damage after the date of death
When the property has changed since the effective date, its condition on that date is stated as an extraordinary assumption.
Tax and legal conclusions are made by the estate's CPA and attorney.
Frequently Asked Questions
What is a retrospective appraisal?
An appraisal with an effective date before the date of the report. A date of death appraisal is the most common type. The value opinion reflects the property and market conditions as of the effective date.
Why do heirs need a date of death appraisal?
Inherited property generally receives a cost basis equal to its fair market value on the date of death. A date of death appraisal documents that value for the estate's tax filings and for calculating gain when the heirs sell. The estate's CPA determines how the value is applied.
Can you appraise a property that has already been sold or renovated?
Yes. The appraisal is based on the property's condition as of the date of death, using photographs, records, and descriptions, with any extraordinary assumptions disclosed. A later sale of the property may be considered as market evidence.
How long does a date of death appraisal take?
5 business days typical, measured from engagement, receipt of required documents, and property access. Not guaranteed; the delivery date is confirmed in writing before engagement.
USPAP Compliance
Reports are developed and communicated in compliance with the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP). The appraiser has no present or prospective interest in the subject property and no personal interest or bias with respect to the parties involved. Compensation is not contingent on the development or reporting of a predetermined value, a direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event. Each report states its intended use and intended users and is not intended for any other use or user.