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Estate Appraisal In NYC

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How To Navigate Your Estate Property Appraisal

Estate planning or handling the estate of a lost loved one is challenging, especially when you’re still grieving. If you’ve recently inherited a property in the New York City area, or you’re planning for your own estate’s future, our team of appraisers is here to help guide you through this process with compassion and expertise.

We support families by providing reliable, accurate evaluations for both residential and commercial properties, helping them understand the fair market value of their loved one’s property or plan effectively for the future. Together, we give you the insight you need to move forward with your loved one’s wishes, navigate the complexities of estate settlement, and seamlessly work with the court system, IRS, and your legal and financial advisors.

Understanding Estate Appraisals

Estate appraisals serve specific legal, tax, and financial purposes that differ from other types of property valuations. Whether you’re the executor of an estate, a beneficiary, an estate planning attorney, or planning your own estate, accurate property valuations are essential for proper estate administration and tax compliance.

The IRS requires fair market value determinations for estate tax purposes when property is transferred through death. Additionally, beneficiaries need accurate valuations to establish cost basis for future capital gains calculations. These appraisals must meet strict IRS guidelines and professional standards to withstand potential audit scrutiny.

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When You Need an Estate Appraisal

Date of Death Valuations

IRS requires property to be valued as of the date of the decedent's death for estate tax return (Form 706) purposes. This establishes both the estate's total value and the beneficiaries' stepped-up cost basis.

Alternate Valuation Date

Estates may elect to value assets six months after death if it reduces estate tax liability. This requires appraisals as of both dates to determine which is more advantageous.

Estate Planning

Individuals creating estate plans need current valuations to understand total estate value, evaluate whether their estate may be subject to estate taxes, and structure gifting or trust strategies effectively.

Equitable Distribution Among Heirs

When multiple beneficiaries inherit property, accurate appraisals ensure fair division of assets, whether properties are sold and proceeds divided or one heir buys out others' interests.

Estate Settlement & Probate

Executors and administrators need appraisals to properly account for estate assets, satisfy court requirements, support fiduciary decisions, and document property values for beneficiaries and legal proceedings.

Trust Administration

Trustees managing property assets require periodic valuations for trust accounting, beneficiary reporting, and compliance with trust documents and fiduciary responsibilities.

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Planning Purposes

Creating a plan for your estate is one of the best ways to ensure your final wishes are carried out, even after you've passed. Our property appraisal services help you determine the current market value of your real estate holdings so you can plan your estate appropriately and make informed decisions about asset distribution, trust funding, and tax planning strategies.

Understanding your property values enables you to structure your estate to minimize tax burdens on your heirs, make equitable distributions among beneficiaries, and plan gifting strategies that may reduce your taxable estate while you're still alive. Regular updated appraisals keep your estate plan current as property values change over time.

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“Date of Death” Evaluations

In many cases, the court or IRS requires a "date of death" valuation to determine the fair market value of a specific property at the precise time the original owner passed away. This valuation serves multiple critical purposes: it establishes the value for estate tax calculations, determines the stepped-up cost basis for beneficiaries, and provides documentation for probate court proceedings.

With the help of our retrospective appraisals, you can get an accurate evaluation of the property's value as of the date of death, regardless of how much time has passed since then. We research historical market data, comparable sales from that specific time period, and property conditions as they existed on the effective date to provide credible, defensible valuations that meet IRS requirements.

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How To Negotiate Real Estate Price

IRS Requirements for Estate Appraisals

The IRS has specific requirements for estate appraisals that must be met to ensure compliance:

Fair Market Value Standard: Estate appraisals must reflect the price a willing buyer would pay a willing seller, with neither under compulsion and both having reasonable knowledge of relevant facts.

Qualified Appraiser Requirements: The IRS requires appraisals to be performed by qualified appraisers who hold professional designations, have relevant education and experience, and regularly perform appraisals for compensation.

USPAP Compliance: All estate appraisals must comply with the Uniform Standards of Professional Appraisal Practice (USPAP), ensuring professional methodology, objectivity, and comprehensive documentation.

Effective Date Precision: The appraisal must be performed as of the exact date of death (or alternate valuation date), using market data and conditions from that specific time period.

Comprehensive Documentation: IRS-compliant estate appraisals require detailed property descriptions, comparable sales analysis, photographs, methodology explanation, and appraiser credentials to withstand potential audit review.

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The Stepped-Up Basis Advantage

Understanding stepped-up cost basis is crucial for estate planning and beneficiary tax strategy:

What Is Stepped-Up Basis?

When you inherit property, your cost basis "steps up" to the fair market value on the date of death, rather than the original owner's purchase price. This can result in significant tax advantages.

Tax Implications

If the original owner purchased a Manhattan condo for $300,000 in 1995 and it's worth $1,500,000 at death, beneficiaries inherit with a $1,500,000 basis—eliminating $1,200,000 of potential capital gains if sold shortly after inheritance.

Importance of Accurate Appraisals

The date-of-death appraisal establishes this stepped-up basis. An accurate, well-documented appraisal ensures beneficiaries don't pay unnecessary capital gains taxes when eventually selling the property.

IRS Scrutiny

Because stepped-up basis significantly reduces tax liability, the IRS carefully reviews these valuations. Professional appraisals that meet IRS standards are essential to support the claimed basis.

What's Included in Your Estate Appraisal

Your comprehensive estate appraisal includes:

Property Inspection

Examination of interior and exterior areas where accessible, assessment of condition, mechanical systems, and all features affecting value. For date-of-death appraisals, we consider the property's condition as it existed on the effective date.

Historical Market Research

For retrospective appraisals, we research comparable sales and market conditions from the effective valuation date, not current conditions, ensuring accuracy for the specific time period required.

Detailed Comparable Sales Analysis

Presentation of similar properties that sold around the date of death (or alternate date), with adjustments for differences in size, condition, location, and features relevant to that time period.

Multiple Valuation Approaches

The appropriate valuation approach is determined by property type. Residential properties primarily utilize the Sales Comparison Approach, while commercial properties may use the Income Approach as the primary method when income-producing, along with Sales Comparison and Cost approaches as applicable, providing confidence in the final value conclusion.

IRS-Compliant Report

Comprehensive appraisal report meeting all IRS requirements for estate tax filings, including detailed property description, methodology explanation, appraiser qualifications, and certification of value.

Professional Credentials

Documentation of appraiser qualifications, certifications, and experience required for IRS compliance and to support the valuation in potential audits.

Photographs & Documentation

Visual documentation of property condition, features, and characteristics supporting the valuation, along with maps, floor plans when available, and other relevant materials.

Support for Multiple Uses

The appraisal serves estate tax filing, probate court proceedings, beneficiary documentation, trust administration, and future sale or refinancing needs.

The Estate Appraisal Process

1. Initial Consultation

We discuss the property, purpose of the appraisal, effective valuation date (date of death or alternate date), who the executor/administrator is, timeline requirements, and any special circumstances affecting the estate.

2. Property Access & Inspection

We coordinate with executors, estate attorneys, or family members to schedule property access. Our inspection is conducted for as long as necessary depending on property complexity, with sensitivity to the family’s circumstances. If the property has already been sold or interior access is not available for any reason, we can still complete a credible appraisal using alternative methods such as exterior-only inspection, property records, historical documentation, and other reliable data sources.

3. Historical Market Research

For date-of-death appraisals, we research comparable sales and market conditions from the specific effective date, gathering historical data to support an accurate retrospective valuation.

4. Valuation & Report Preparation

We apply appropriate valuation approaches using market data from the effective date, reconcile findings, and prepare a comprehensive report—either narrative or form format depending on requirements—that meets IRS and legal standards.

5. Report Delivery & Support

Timeline varies based on complexity, research requirements for retrospective dates, and number of properties involved. We’re available to discuss the report with executors, attorneys, accountants, and beneficiaries as needed.

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Common Estate Appraisal Scenarios

Executor Responsibilities

Executors have fiduciary duties to properly value all estate assets. Our appraisals provide the documentation needed to fulfill these obligations, satisfy court requirements, and protect executors from potential liability for improper valuations.

Multiple Properties in Estate

Many estates include primary residences, vacation properties, rental properties, and investment real estate. We can appraise entire property portfolios as of the same effective date, providing comprehensive documentation for the complete estate.

Co-Owned Properties

When the decedent owned property jointly with others or as tenant-in-common, only their ownership share is included in the estate. We determine the value of the entire property and allocate the appropriate percentage to the estate (partial interest valuation).

Properties with Deferred Maintenance

If the property has significant deferred maintenance or needed repairs at the date of death, we consider this in our valuation, documenting the condition and its impact on fair market value.

NYC-Specific Property Types

Co-ops require special consideration in estate situations, particularly regarding board approval for transfers. Condos, townhouses, and multi-family properties each have unique valuation considerations we address in estate appraisals.

Working With Estate Professionals

Estate appraisals typically require coordination with multiple professionals:

Estate Attorneys: We work with estate counsel to ensure appraisals meet legal requirements for probate proceedings, satisfy court-ordered valuations, and address specific issues relevant to estate administration.

Estate Accountants & CPAs: Our appraisals are prepared in full compliance with IRS requirements, providing the comprehensive documentation and professional standards accountants need for estate tax returns (Form 706), trust accountings, and final income tax returns for the decedent.

Executors & Administrators: We support fiduciaries by providing clear, defensible valuations that document asset values, support distribution decisions, and protect against beneficiary challenges.

Financial Advisors: Estate planners use our current appraisals to develop tax-efficient estate planning strategies, evaluate gifting options, and structure trusts effectively.

Real Estate Attorneys: When properties will be sold or transferred, our appraisals provide the foundation for pricing decisions, purchase agreements, and title transfer documentation.

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Preparing documents needed for property valuations.
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Estate Tax Considerations

Understanding estate tax implications helps with planning and compliance:

Federal Estate Tax Threshold: For 2025, the federal estate tax exemption is $13.61 million per individual ($27.22 million for married couples). Estates exceeding these thresholds require Form 706 filing with property appraisals.

New York State Estate Tax: New York has its own estate tax with a lower exemption threshold of $6.94 million (2024). Accurate property valuations are essential for both federal and state estate tax compliance.

Portability Elections: Married couples can make portability elections to use the deceased spouse’s unused exemption. Even if no estate tax is owed, appraisals may be needed to establish values for the election.

Deductions & Credits: Properly documented property values support estate tax deductions such as charitable contributions, debts, and administrative expenses, potentially reducing overall estate tax liability.

Audit Defense: Well-documented appraisals meeting IRS standards provide strong defense if the estate tax return is selected for audit, protecting executors and beneficiaries from challenges.

Estate Planning Applications

Current property appraisals serve important estate planning functions:

Gift Tax Planning

Accurate valuations enable strategic gifting to reduce taxable estates while staying within annual and lifetime gift tax exclusions.

Trust Funding

Property values determine appropriate funding levels for revocable living trusts, irrevocable trusts, and specialized trusts like QPRTs or CRTs.

Marital Planning

Understanding property values helps couples structure ownership, evaluate bypass trust strategies, and plan for portability elections.

Charitable Planning

Accurate valuations support charitable remainder trusts, bargain sales to charities, and other philanthropic estate planning techniques.

Business Succession

For properties owned by family businesses or partnerships, valuations support buy-sell agreements and succession planning strategies.

Probate & Court Requirements

Estate appraisals for probate serve specific legal purposes:

Inventory & Accounting: Executors must file inventories listing all estate assets and their values. Professional appraisals document real property values for court submission.

Fiduciary Responsibility: Accurate appraisals protect executors and administrators from beneficiary claims of improper asset valuations or breach of fiduciary duty.

Court-Ordered Appraisals: Some jurisdictions require independent professional appraisals for certain estate proceedings. Our reports meet court standards for admissibility.

Guardianship & Conservatorship: When courts appoint guardians or conservators for property, appraisals establish asset values for bonding requirements and ongoing accountings.

Will Contests: Disputed estates may require multiple appraisals. Our objective, well-documented valuations serve both settlement negotiations and litigation.

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Home appraiser checking the exterior of the property.
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Challenges in Retrospective Appraisals

Date-of-death appraisals present unique challenges:

Historical Data Research: Finding comparable sales from specific past dates requires extensive research, as recent sales aren’t relevant for retrospective valuations.

Market Condition Analysis: We must analyze market conditions, trends, and factors affecting value as they existed on the effective date, not current conditions.

Property Condition Assessment: For deaths that occurred months or years ago, we reconstruct the property’s condition as of the date of death through photographs, family interviews, and documentation.

Data Availability: Older effective dates may have limited comparable sales data, requiring broader geographic search areas or extended time periods for market analysis.

Credibility & Defense: Retrospective appraisals require extra documentation to demonstrate credibility since we’re valuing conditions that existed in the past, requiring thorough support for all conclusions.

NYC-Specific Estate Considerations

New York City estates present unique property valuation issues:

Co-op Estate Transfers: Co-op boards must approve estate transfers, but cannot unreasonably deny transfers to family members. Board policies, flip taxes, and transfer fees affect net estate value.

Rent-Regulated Properties: Rent-controlled or rent-stabilized properties require specialized valuation approaches considering income restrictions, succession rights, and regulatory constraints affecting marketability and value.

Multi-Family Properties: NYC’s diverse multi-family housing stock—from two-family homes to large apartment buildings—requires expertise in income approaches and rent roll analysis for accurate estate valuations.

Historic Properties: Properties in historic districts or with landmark status face development restrictions affecting value. These constraints must be considered in estate appraisals.

Property Tax Implications: NYC’s complex property tax system affects estate planning and beneficiary decisions. Understanding tax class changes and assessment impacts is important for comprehensive estate advice.

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Timeline & Deadlines

Estate appraisals often involve time-sensitive requirements:

Form 706 Deadline: Federal estate tax returns are due nine months after death (with possible six-month extension). Appraisals must be completed well in advance to allow time for tax preparation.

Probate Court Deadlines: Courts may impose specific deadlines for estate inventories and accountings requiring property appraisals.

Sale Planning: If the estate plans to sell property, appraisals help set realistic pricing and timing expectations, informing decisions about whether to sell immediately or wait.

Our Timelines: Completion time varies based on effective date (current vs. historical), property complexity, access issues, and research requirements for retrospective valuations.

Expedited Service: When deadlines are tight, we can accommodate rush requests with expedited service, though this may be limited by the research required for historical effective dates.

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Common Estate Appraisal Questions

While the appraisal can be done anytime, obtaining it within a few months of death makes the process easier—property condition is documented while fresh in memory, and you’ll have the valuation for estate tax filing deadlines.

No. The IRS requires professional appraisals for estate tax purposes. Property tax assessments don’t reflect fair market value and aren’t acceptable substitutes for IRS-compliant appraisals.

The sale price after death doesn’t determine the date-of-death value. Market conditions may have changed, or the sale may have been under duress or at non-arm’s-length terms. A professional appraisal of value as of the date of death is still required. We can still perform the appraisal even without access to the property by utilizing extraordinary assumptions, along with public records, historical online data, documentation provided by the estate, and other available information to support the valuation.

Each property requires its own valuation, though multiple properties can be appraised by the same appraiser and included in a single comprehensive report or separate reports as needed for your situation.

What Our Clients Say About Us

Block Appraisals
Based on 141 reviews
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AC Mathiot
Scott was very responsive and provided an informative, professional and fair value within an efficient and convenient timeframe. Thank you !
Gabe Leibowitz
Scott's the best appraiser I've worked with. He's incredibly knowledgeable, super thorough and really responsive. I've used him multiple times now on important projects and he's been a dream partner. I can't recommend him highly enough!
Jack Mondello
Scotts’ experience and professional demeanor was evident through the entire appraisal process. His responsiveness and attention to detail made me realize that choosing Block Appraisals was the right decision. I highly recommend them.
Jessica Christo
We had an excellent experience with our appraisal completed by Scott. The report was extremely thorough, detailed, and clearly well-researched. Every aspect of our unit was carefully evaluated and accurately documented. Communication throughout the process was professional, timely, and transparent. We truly appreciated Scott’s attention to detail and would highly recommend him to anyone in need of a reliable and accurate appraisal.
CAVA
After working with multiple appraisers, I can confidently say this experience truly stood out. Scott was extremely professional and meticulous, taking the necessary time to thoroughly research the market and select accurate, truly comparable properties. The final report was detailed, well-supported, and clearly reflected real effort and expertise. It was refreshing to work with someone who approached the appraisal with such care and attention to detail. I highly recommend Scott’s services.
Anthony Esposito
I had a great experience working with Scott for my property appraisal. He was professional, thorough, and incredibly knowledgeable about the local Staten Island market. He took the time to explain his process, answer my questions, and provide clear reasoning behind the valuation. The report was detailed, well-supported, and delivered quickly.

It’s clear he takes pride in his work and cares about accuracy and transparency. I’d definitely recommend Scott and Block Appraisals to anyone looking for a reliable, honest, and straightforward appraiser.

Highly recommended.
doris gardner
I had a fantastic experience with Fred during the appraisal of my home.they were incredibly professional punctual and communicated the entire process
Daniela Sabel
I highly recommend working with Block Appraisals. My husband and I worked directly with Scott and his associate to get a residential building appraised. He is super detail oriented, great with communication and was very patient with all our questions.
Jayron Nesbit
The appraisers evaluated our two-bedroom in Astoria efficiently and professionally. They understood the local market dynamics and recent development in the area. Got the report back in five business days which met our timeline perfectly.
Stephen Daly
Needed an estate appraisal for tax purposes after my father passed. Scott was professional during a difficult time and provided documentation that satisfied the IRS requirements. Their expertise with estate valuations made the process much smoother.
Nikk Simpson
Reliable service from experienced appraisers . Would recommend Block Appraisals
Neil
I contacted scott to get my parents house appraised to sell the property.He advised me to get a date of death appraisal as my parents has passed away.He completed the appraisal on time and kept in touch with me through the process.I would recommend him to anyone who needs his services.
Hungkyu Chun
Scott was very responsive and professional. I like his competence and attitude. I will work with him again and introduced him to my client.
Jenny Magbanua
Scott helped us get two appraisals done with attention to detail and patience as we are new to this experience. Thank you! We highly recommend Scott and his team!
Samina Roy
My mortgage broker recommended Block Appraisals for a private appraisal for a date of death, and they did a solid job. Scheduled quickly, showed up on time, and sent the report back in a timely manner. Would use again.
Show - In - Tube
Had to get an estate appraisal done for my aunt's property in Queens. Scott completed everything within the timeline our lawyer needed, and the valuation was well-documented. Helped us settle things without any complications.
Brian Dotson
Overall great experience with professionals. Solid appraisers and fair pricing.
john waga
It was easier to understand and was able to finish my task in a timely fashion
Sophia Batson
Solid appraisers, fair pricing
Dellquan Roy
Hired them to appraise my small commercial space in Brooklyn. Professional service from start to finish. The appraisers were familiar with the area and the valuation made sense.

After the Appraisal: Next Steps

Once you receive your estate appraisal:

Estate Tax Filing: Provide the appraisal to your estate attorney or CPA preparing Form 706 (federal estate tax return) and any required state estate tax returns.

Probate Court: Submit appraisals with estate inventories, accountings, and other required court filings as directed by your estate attorney.

Beneficiary Documentation: Distribute copies to beneficiaries establishing their stepped-up cost basis for future tax reporting when they eventually sell or transfer the property.

Property Sale: If selling, use the appraisal to guide listing price decisions, evaluate offers, and document transactions for estate accounting purposes.

Retain Records: Keep appraisal reports permanently in estate records. Beneficiaries may need this documentation years later when selling inherited property for capital gains tax purposes.

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