Date of Death Appraisals in Newton, MA

Date of Death Appraisals, Time of Death Appraisals,
Appraisals for Probate, Historical or Retrospective Appraisals

Newton is one of Massachusetts’ most valuable residential markets, with 13 distinct villages spanning everything from million-dollar single-family homes in Chestnut Hill and Waban to luxury condominiums near Newton Centre and Boston College. When a Newton property owner passes away, the estate’s date of death valuation often becomes one of the largest line items on the federal and Massachusetts estate tax filings. Cullen Real Estate and Appraisal Company provides USPAP-compliant date of death appraisals for Newton properties, formatted for Middlesex Probate and Family Court (Cambridge or Woburn) filings, IRS Form 706 and 706-NA submissions, and stepped-up basis calculations used by estate accountants and attorneys.

We appraise estate properties throughout all 13 Newton villages, including Auburndale, Chestnut Hill, Newton Centre, Newton Corner, Newton Highlands, Newton Lower Falls, Newton Upper Falls, Newtonville, Nonantum, Oak Hill, Thompsonville, Waban, and West Newton.

What is an Estate Appraisal?

Estate appraisals are commonly used for the equitable distribution of assets between surviving heirs. An estate appraisal should be performed by a certified appraiser in the state in which the property is located. An appraisal will take a snapshot in time of the property for future reference. It is important to have a defensible document that is well-presented and supported. Two of the most common reasons why you might need an appraisal are for estate taxes (IRS estate tax), or for probate court. Often, you will be requested to obtain a certified appraisal of the subject property by your attorney, accountant, or by probate court. You may be asked to have the appraisal performed as of the date of death (sometimes referred to as time of death), also known as the date that your loved one passed away. A third type of estate appraisal exists where you may be estate planning, or equitably dividing the asset between interested parties. A certified appraisal will provide the current market value of the property so that you may negotiate a fair settlement. This appraisal may also be useful in the event of a dispute or other legal issues.

What is a Date of Death Appraisal?

Date of Death Appraisals (alternatively called “Date of Death Valuation” or “Time of Death Appraisal”) will help to determine the Fair Market Value of the real estate as of the date or time of the owner’s passing. Date of Death Appraisals should be completed by an experienced, state-certified real estate appraiser. This appraiser is referred to as a “qualified appraiser” by the IRS. The date of death appraisal may be ordered by anyone involved in the estate settlement process. Some of the parties who may order an estate appraisal may be (but are not limited to): the executor, administrator, special master, family member, attorney, accountant, or financial planner. Typically, the appraisal is completed after the date of death, or the date of your loved one’s passing. It also may be referred to as a “retrospective appraisal.” This means that although the inspection date may be later in time, the effective date of the appraisal is a date in the past (date of death or time of death). If there have been market changes since the time of your loved one’s passing and the current date, we can provide a current market value as well for the property for an additional fee. You can also read more on our Date of Death Appraisal blog post!

Appraisal Process

We are often asked about our appraisal process and what you need to do in advance of the appraisal. The simple answer is you do not need to do anything to prepare in advance! Simply let Tom Cullen and Jessica Delmonico of Cullen Real Estate and Appraisal Company guide you and make this an easy, painless process!

Tom Cullen is the owner and chief appraiser of our company, and Tom will handle this appraisal personally. Tom Cullen is an estate specialist. Tom will come out to your property and conduct an interior and exterior inspection. Tom is looking for quality, condition, and amenities that the home may or may not have over others in the area.

We will fully research the property which includes mapping, location, looking at the flood locus, and updating the FEMA flood maps, municipal data, and public records.

Most importantly, we will look at comparable sales and we look for sales most recent (closest to the date of death), proximate, and similar to the home that you have. We will put everything into a report that contains your value conclusion, along with all the supporting documentation. That report is 100% defensible, and you can use it as the tool in your toolbox, or take it to your attorney, accountant, etc.!

What happens if we cannot enter the property? Sometimes it is just not possible for us to enter the property. Maybe someone is living on the property, but it is a difficult or tenuous situation where they do not or cannot be disturbed. Maybe the property has already been sold, and access is no longer available. This is no problem! Cullen Real Estate and Appraisal Company has over 30 years of experience in this type of situation. We will conduct what is known as a desktop appraisal. This type of appraisal uses information gathered from our intended user, public records, and MLS (multiple listing service) to provide the same type of defensible, credible, and accurate valuation. No inspection of the property is necessary, or we may do a drive-by inspection only depending on the situation and our client’s wishes/needs.

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FAQ’s about Date of Death Appraisals in Newton

Where do I file the estate inventory for a Newton property?

Newton estates are filed with Middlesex Probate and Family Court. The court has two locations: 10-U Commerce Way in Woburn and Edward W. Brooke Courthouse at 24 New Chardon Street in Boston for certain matters. Your estate attorney will direct the filing to the appropriate venue based on case type and personal representative residence.

How do you handle high-value Newton properties for estate tax purposes?

Newton single-family homes routinely exceed the federal estate tax exemption threshold individually, and combined with other assets they often trigger Massachusetts estate tax (which has a much lower threshold of $2 million). We provide detailed, defensible reports that include three to six fully adjusted comparable sales, neighborhood-specific market analysis, and any necessary appraisal of unique features (renovated kitchens, finished basements, pool, accessory dwelling units) that materially affect value.

Can you appraise Newton condominiums for date of death valuation?

Yes. Newton has a substantial condo market, particularly around Newton Centre, Chestnut Hill, and the Boston College corridor. Condo date of death appraisals require both sales comparison and review of the condo association’s financial health, special assessments, and any pending litigation that affects value. We complete these regularly.

What happens if the market has changed since the date of death?

If the market has changed significantly and we feel that there is a change in value between the date of death and what the current value of the property, we can also provide a current market value either at the time that we issue the date of death appraisal, or we can also do this at any point thereafter. We will have been to the home already, and a second site visit will not be necessary. Please note, if the dates are close enough, sometimes only one appraisal will be needed.

Date of Death Appraisals in Newton, MA

What is an Estate Appraisal?

What is a Date of Death Appraisal?

Appraisal Process

cullenrealestateandappraisal.com

FAQ’s about Date of Death Appraisals in Newton

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In Massachusetts we service the following counties: