A retrospective appraisal establishing what a Tarrant County home was worth on the day someone died — for the probate inventory, for the beneficiaries' stepped-up basis, and for the heirs when they sell it.
You have a list of things to do and no training in any of them. Somewhere on that list is a line that says the house needs a value as of the date of death. Here is what that actually means and why it is worth doing properly the first time.
You need a written opinion of the fair market value of the property as of the date the decedent died. Not today's value. Not what the appraisal district carries on the tax roll. The value on that specific day, developed from the market as it existed then, and supported well enough that a probate court, a CPA, or a beneficiary who is unhappy years from now can follow the reasoning.
It is normal to be doing this months after the death, or later. The effective date stays the date of death; the date I do the work is separate and is disclosed as such.
Under Internal Revenue Code §1014, the basis of property acquired from a decedent is generally its fair market value at the date of the decedent's death. That resets the clock. Whatever the decedent originally paid, and whatever gain accumulated across the decades they owned the house, generally stops mattering for the heirs' income tax purposes at that moment.
The consequence shows up when the property is sold. Gain is measured against basis, so the date-of-death value drives how much taxable gain exists on a later sale. If nobody documents that value now, someone has to reconstruct it later, usually under worse conditions and with the house already renovated or sold.
I state a value opinion. I do not calculate anyone's tax and I do not tell you what your gain or liability will be. That is your CPA's work, and the two of us should be talking to each other.
Texas Estates Code §309.051 requires the inventory and appraisement before the 91st day after the personal representative qualifies. Order the appraisal early rather than at the deadline.
For most estates the effective date is simply the date of death. There is one significant alternative. Internal Revenue Code §2032 permits an executor to elect an alternate valuation date of six months after the decedent's death, with property that is distributed, sold, exchanged, or otherwise disposed of within those six months valued as of the date of disposition instead.
That election is narrow. Under §2032(c) it may be made only if it decreases both the value of the gross estate and the sum of the estate tax and generation-skipping transfer tax due after credits, and it is made on the estate tax return. Whether it is available or advisable in a particular estate is a question for the estate's attorney or CPA, not for me. What I need from you is simply the date you want valued, and I can develop opinions as of two effective dates in one assignment when the election is being evaluated.
Texas Estates Code §309.051 requires a personal representative to file an inventory, appraisement, and list of claims with the county clerk before the 91st day after qualifying. It must list all estate real property located in Texas and all estate personal property wherever located, specify what is separate and what is community, and set out the fair market value of each item as of the date of the decedent's death. In some independent administrations an affidavit in lieu of inventory is available instead under §309.056 — your attorney will tell you which route applies to your case.
Probate matters in Tarrant County are heard in the two statutory probate courts, Probate Court No. 1 and Probate Court No. 2, which handle the probate of wills, the administration of decedents' estates, guardianships, and trust matters. Beyond the filing itself, the date-of-death value is what the beneficiaries will rely on, what a buyout among siblings gets priced from, and what a disgruntled heir will eventually question. Ninety-one days is not long. Order the appraisal early.
The fee is set before I start and never depends on the value I conclude, on any tax result, or on whether the property later sells.
Most estates never file one. For 2026 the federal basic exclusion amount is $15,000,000 per individual, so Form 706 is a filing obligation for a small share of estates — though smaller estates also file it voluntarily to elect portability of a deceased spouse's unused exclusion. It is generally due nine months after death, with an automatic six-month extension on Form 4768. Texas imposes no state estate or inheritance tax, so the federal return is the whole of it.
If a Form 706 is filed, a second obligation can follow. Under Internal Revenue Code §6035 the executor files Form 8971 with Schedule A reporting values to each beneficiary, generally by the earlier of thirty days after the return is due including extensions or thirty days after it is filed. The consistency rule at §1014(f) then bars a beneficiary from claiming an initial basis higher than the value reported. The number in the estate's return follows the property into the next generation's hands.
Estate values are fair market value as defined at Treasury Regulation §20.2031-1(b): the price at which the property would change hands between a willing buyer and a willing seller, neither under compulsion to buy or sell and both having reasonable knowledge of the relevant facts. That definition specifically excludes a forced sale price. I develop the opinion to that standard and say so in the report.
The mechanics are the same as any appraisal, run backward. I identify closed sales in the subject's market that occurred at or near the effective date, confirm the details of those sales from records and from the parties where I can, and adjust them for differences from the subject as it stood on that date. The market of that year is the market I analyze — not this year's.
The harder half is condition. What matters is the property as it existed then, not as it exists now, and estates routinely clean out, repair, or renovate before anyone thinks to call an appraiser. So I ask for anything documenting the earlier condition, and where I rely on information from others the report discloses that reliance rather than quietly assuming it.
The opinion reflects the property as it stood on the date of death. Photographs, permits, and old listings from that period materially improve the analysis.
Executors often ask whether the sale price settles the question. Sometimes it is strong evidence and sometimes it is not. An arm's-length sale close in time to the date of death, properly exposed to the market, is meaningful data and I will consider it. A sale to a family member, a quick cash sale to an investor, a sale eighteen months later, or a sale after the kitchen was redone tells you considerably less about value on the earlier date.
Value is date-specific. Treat every number attached to the property as belonging to a particular day, and say which day it is whenever you write one down.
My certification is Texas Certified Residential, which covers one-to-four unit residential property and land whose highest and best use is one-to-four family residential — at any value and any complexity. If the estate holds a strip center, a five-unit or larger apartment building, or acreage valued for subdivision development, it needs a Certified General appraiser and I will refer rather than reach.
I also do not appraise the contents. Furniture, jewelry, vehicles, firearms, art, and collections are personal property, a different discipline with its own qualified appraisers. If the estate needs both, engage the right specialist for each.
Fees are fixed per assignment and quoted before I begin, based on the property, how far back the effective date sits, and how much documentation of the earlier condition exists. Never on the value I conclude, and never on any tax consequence. A retrospective date-of-death appraisal starts at $600, and $850 for a complex or luxury property.
Typical turnaround is 5 to 7 business days from inspection, longer for older effective dates or thin data. To schedule I need the address, the date of death, the name of the executor and of the attorney if there is one, and access to the property. If an heir is living there or the house is already listed, that is workable — just tell me up front.
Estate ยท retrospective and current value
“Terrence provided exceptional services when appraising my Mother In Law's home. Terrence was punctual for our scheduled appraisal appointment, professional, knowledgeable, and thorough. Terrence also sent the Retro and Current Fair Market Appraisal Report to us in a timely manner.”Rena Anderson · Google review
It is a set fee quoted before I start, based on the property, how far back the effective date is, and what documentation exists of the condition at that time. A retrospective date-of-death appraisal starts at $600, and $850 for a complex or luxury property. The fee is never a percentage of value and never varies with the conclusion.
There is no deadline that stops an appraiser from developing a retrospective opinion; the effective date stays fixed at the date of death no matter when the work is performed. The real constraint is evidence. The further back you go, the more the analysis depends on records of the property's condition at that time, so older assignments benefit from photos, permits, and prior listings.
Yes. A retrospective appraisal after a sale is routine, and it is one of the most common calls I get. I will need documentation of the property's condition as of the date of death — photographs, the listing, inspection reports, invoices — and I will consider the sale itself as one piece of evidence, weighted according to how close in time it was and whether it was an arm's-length transaction.
Frequently yes, because the estate tax return is not the only reason the value matters. Under Internal Revenue Code §1014 the date-of-death value generally becomes the heirs' basis, which determines taxable gain whenever the property is sold. Texas Estates Code §309.051 also calls for the inventory to state fair market value as of the date of death. Ask your attorney and CPA what your specific estate requires.
That is a decision for the estate's attorney, but appraisal district values are produced through mass appraisal for property taxation and are set as of a statutory assessment date, not the date of death. They are not developed for the individual property, they do not reflect its interior condition, and they carry no appraiser's certification. Ask your attorney before relying on one.
It is an election under Internal Revenue Code §2032 that lets an executor value the gross estate six months after the date of death instead of at death, with anything distributed, sold, or exchanged inside that window valued at the date of disposition. Under §2032(c) it is available only if it decreases both the gross estate and the combined estate and generation-skipping transfer tax. Whether it applies is a question for the estate's tax advisor.
Usually the executor or administrator, or the estate's attorney on their behalf, because that person has authority over the property and standing to receive the report. Whoever engages me becomes my client, and USPAP confidentiality obligations run to that client. If beneficiaries will need copies, say so at the start and I will set the intended users accordingly.
No appraiser can promise that, and you should be skeptical of one who does. Acceptance is the decision of the IRS, the court, or opposing parties. What I can do is develop the opinion to the fair market value standard at Treasury Regulation §20.2031-1(b), report it in compliance with USPAP, and make the reasoning transparent enough to be reviewed on its merits.
Written fee quote, typically within one business hour. Texas gives the personal representative 91 days to file the inventory — the earlier the effective date is set, the less this costs you in scramble later.
Would rather not type it out? Call or text (817) 903-4509.