Estate Appraisals in New Jersey
Settling an estate is a very important and sometimes difficult job. As an executor you have been entrusted to carry out the wishes of your loved ones. You can count on JBL Appraisal Services of New Jersey to act promptly and quickly and with sensitivity to the feelings of everyone involved.
Attorneys and Accountants rely on our report when calculating real property values for estates or other circumstances such as disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the local and New Jersey courts and various agencies.
What to expect when ordering an estate appraisal – Settling an estate usually requires an interior/exterior appraisal to establish Fair Market Value for the residential property involved. At the time of inspection the Appraiser will take exterior measurements of the dwelling, photographs of every interior room, appliances, and exterior amenities the property possesses. For an estate appraisal, the value is considered one year from the date of descendant’s death. That differs from the date the appraisal is requested and is referred to as a Retrospective Appraisal Report. JBL Appraisal Services is familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. This is an important point to understand, because in most cases, due to time lapse, the Appraisal Report is not necessarily the current value of the property ready for resale. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the figures being used in documents filed with revenue authorities. Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the figures used are well founded and substantiated. Having a professional appraisal provides the executor with solid facts and figures to work with in meeting IRS and state agency requirements.
Contact JBL Appraisal Services for all your Ocean County or Monmouth County Appraisal needs at 732-500-6169.