Property Valuation
In New York, the process of determining the value of a property as of a specific past date (such as a date of death for estate purposes) is called a(n):
ACurrent market appraisal
BRetrospective appraisal✓ Correct
CProspective appraisal
DInvestment analysis
Explanation
A retrospective appraisal determines the value of a property as of a date in the past. This is commonly used for estate tax purposes (valuing property as of the date of the decedent's death), litigation, or IRS audits. New York estates often require retrospective appraisals.
Related New York Property Valuation Questions
- In New York, when a commercial property's lease has above-market (contract) rents, the appraiser considers this through:
- The sales comparison approach to value requires the appraiser to find:
- When appraising a two-family home in Brooklyn, an appraiser most likely uses which primary valuation approach?
- Which type of depreciation affecting a property near a New York highway (due to traffic noise) is BEST classified as?
- When a Long Island home's value is negatively impacted because it is located near a power line, this is an example of:
- In New York, a property owner seeking to challenge the assessed value of their commercial property may file a:
- Which factor is NOT one of the four elements of value (DUST)?
- When using the sales comparison approach, an appraiser makes adjustments to comparables. If a comparable has a feature the subject property lacks, the appraiser will:
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