Property Valuation
What is a 'retroactive appraisal' or 'retrospective appraisal' in Delaware?
AAn appraisal conducted before a property is improved
BAn appraisal with an effective date in the past, used for estate settlement, litigation, or tax purposes✓ Correct
CAn appraisal that is updated retroactively after new data becomes available
DAn appraisal of a property that was demolished
Explanation
A retrospective (retroactive) appraisal has an effective date in the past, which may be required for estate tax purposes, divorce proceedings, or litigation involving past property values. The appraiser uses data that was available as of that past effective date.
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