A New York executor’s date of death appraisal establishes an opinion of fair market value for the decedent’s specified property interest as of the date of death—not the inspection or report date. This guide explains how executors, estate attorneys, CPAs, trustees, and beneficiaries can order and use an appraisal of New York real estate, including co-ops, condos, and one- to four-family properties.

For assignment-specific support, review REIS Group’s estate-tax and Form 706 appraisal service. The starting point is a clear valuation question, not a preferred tax result.

Why the assignment purpose matters

A Manhattan apartment’s date-of-death value, its current sale value, and a beneficiary’s inherited tax basis answer different questions. An appraisal can support the estate’s documentation without deciding its legal obligations or calculating the beneficiary’s final taxable gain.

Before ordering, ask the estate attorney or CPA which interest needs valuing, on which date, and for whose reliance. Identify federal estate-tax reporting, inherited-basis documentation, estate administration, and any contemplated dispute separately. A report prepared for one use does not automatically satisfy all others.

Distinguish the value date, the appraisal work, and the tax use

The effective date tells you when the value applies; the report date tells you when the appraiser issued the report. Record the inspection date separately. Those three dates need not coincide.

A retrospective assignment completed in 2026 can address an earlier death. It must analyze the property and market relevant to that earlier date rather than substitute current conditions. Evidence from a later sale requires evaluation for timing, changes, and transaction circumstances; it is not automatically conclusive.

Inherited tax basis is not the same as estate-tax reporting

IRS Publication 551 explains that inherited property generally takes a basis equal to fair market value at death, or at the applicable alternate valuation date when the estate validly uses alternate valuation. This can mean a decrease as well as an increase from the decedent’s basis. Exceptions and ownership-specific rules apply.

An appraisal supports the value component. The CPA or attorney determines how that value applies to the beneficiary, including the portion inherited, later improvements, depreciation, and applicable basis-consistency requirements. Do not assume that property received from any trust receives a new date-of-death basis; the trust and tax circumstances require review.

Keep the appraisal with relevant transfer records and subsequent basis records even if a sale is years away. An estate’s lack of federal estate tax does not, by itself, remove the need to document inherited-property value. See the IRS’s Publication 551, Basis of Assets, revised December 2025, for inherited-property rules and exceptions.

Form 706 and IRC §2032: confirm eligibility before choosing a date

Form 706 is the federal estate and generation-skipping transfer tax return. Filing obligations depend on the decedent’s circumstances, the applicable year’s rules, and elections such as portability—not simply whether the estate owns an apartment or house. New York reporting obligations require separate adviser review; a federal filing conclusion is not a New York filing conclusion.

The IRS’s July 2026 Form 706 instructions explain the alternate valuation election under IRC §2032. It is not a free choice between date-of-death value and whichever later value is lowest.

The election must reduce both estate value and tax

An eligible election must decrease both:

• The value of the gross estate.
• The sum of federal estate tax and generation-skipping transfer tax payable by reason of death, reduced by allowable credits.

A decline in one property’s value is insufficient. An estate with no such tax to reduce generally cannot elect alternate valuation merely to obtain a different inherited basis. The election applies to the gross estate as a whole, not selected assets, and once made it cannot be revoked. Counsel or the return preparer must address eligibility, filing timing, and the estate-wide calculation.

Property disposed of within six months uses the disposition date

With a valid election, property retained throughout the six-month period generally is valued six months after death. Property distributed, sold, exchanged, or otherwise disposed of within that period instead is valued as of its applicable disposition date—not automatically the six-month anniversary.

For example, if a New York property is sold and title passes four months after death, a valid §2032 election generally calls for the disposition-date value for that property. It does not let the executor substitute a hypothetical six-month value. Have counsel confirm the legally relevant disposition date and the treatment of the actual transaction.

Special rules apply to interests affected by the mere lapse of time, such as certain leaseholds and life or remainder interests. Do not apply the ordinary six-month rule mechanically to those interests.

Have your attorney or CPA confirm every required valuation date before authorizing the appraisal. The controlling federal source for these explanations is the IRS Instructions for Form 706, revised July 2026, particularly Part III, line 1. An appraiser supplies valuation analysis; the estate’s advisers determine and implement the election.

How to order a New York date of death appraisal

1. Identify the client, users, and purpose

Prepare a short written assignment summary before requesting proposals. REIS Group provides estate appraisal services for New York executors and professional advisers; the engagement still needs to identify the specific task.

• Name the executor, trustee, or other proposed client and their role.
• Identify the attorney, CPA, and other intended users.
• Specify each intended use and any filing or dispute-related needs.
• State the required completion date without assuming availability.

A beneficiary paying for the work does not automatically become the estate’s authorized representative. Resolve authority, access, and distribution of the report with counsel.

2. Confirm the asset and property rights

The estate might own a whole property, a fractional real-estate interest, co-op shares with a proprietary lease, or an interest in an entity that owns a building. These are not interchangeable assets.

• Provide the deed or relevant ownership documents.
• State the ownership percentage and relevant restrictions.
• Identify leases, occupancy rights, or other encumbrances.
• Ask counsel to distinguish direct ownership from an entity interest.

Do not assume a fractional-interest value equals the whole-property value multiplied by a percentage. Any discount requires support; it is not automatic. An entity-interest valuation can require work beyond appraisal of its underlying real estate.

3. Assemble the ordering checklist

Use this checklist for the initial discussion, then obtain instructions for securely transmitting confidential documents.

• Property address, borough or county, unit number, and available parcel identification.
• Date of death and each adviser-confirmed effective date.
• Intended use, intended users, ownership interest, and delivery requirements.
• Floor plans, surveys, available prior appraisals, and dated photographs.
• Renovation, repair, casualty, and condition history around the effective date.
• Co-op or condo building records, or leases and income records for rented property.
• Access contact, occupied or inaccessible areas, and known missing records.

Do not send tax returns, Social Security numbers, or confidential estate records through a general inquiry form. Identify what you have first; the appraiser can clarify which records are needed.

4. Match the evidence to the New York property type

Cooperative apartments. Identify the shares and proprietary lease associated with the apartment. Relevant evidence can include maintenance charges, assessments, building financial information, underlying building debt, transfer or subletting restrictions, and the apartment’s condition at death. Ask the managing agent for historical records rather than supplying only today’s charges. Comparable co-op sales require attention to building and ownership differences, not just apartment size.

Condominiums. Supply the unit deed, floor plan, common charges, assessments, real-estate tax information, and details of included parking, storage, or outdoor rights. Unit line, floor, light, views, condition, and building amenities can distinguish sales in the same neighborhood. Identify charges and assessments applicable at the effective date separately from later changes.

One- to four-family properties. Gather available surveys, floor plans, building records, renovation records, and evidence of occupancy at death. For rented units, provide leases, rent rolls, concessions, arrears, and operating information relevant to the historical date. Flag questions about legal unit count, permitted use, rent regulation, or alterations for appropriate verification; neither a family description nor a current listing resolves those questions.

• Separate historical records from current documents.
• Label the date and source of photographs and plans.
• Identify missing information rather than guessing.
• Tell the appraiser about occupied units and access restrictions.

5. Agree on inspection limits and report scope

An inspection today cannot directly show what the property looked like at death. Dated photos, prior listings, contractor records, leases, and reliable accounts of condition help reconstruct that history. Describe renovations and damage occurring after death separately.

• Confirm interior, exterior, and common-area access.
• Identify rooms or units that cannot be inspected.
• Ask how unverified condition information will be addressed.
• Confirm the report’s intended use and explanation of assumptions.

An exterior-only or desktop assignment is not automatically appropriate because access is difficult. The appraiser must determine whether sufficient information supports credible results for the identified use, and disclose relevant limitations. An appraisal is not a structural inspection or a legal determination of title or permitted use.

6. Request multiple dates explicitly and review the proposal

An estate can need date-of-death value plus another value for an eligible alternate election, a beneficiary transaction, or a current sale decision. Each date requires its own supported conclusion; changing the date is not simply changing a label.

• List every requested date and its purpose.
• Confirm which ownership interest applies to each date.
• Ask whether one report or separate reports will address the assignments.
• Confirm included follow-up, additional work, fee, and timing in writing.

Report format depends on scope and intended reliance. No single form or narrative format is promised to satisfy every tax, court, lending, and beneficiary purpose. Compare proposals on matching instructions, not on the fee alone; REIS Group’s date of death appraisal cost guide explains the scope questions to resolve.

Review the completed report before using it

Check the address, apartment identification, ownership interest, effective dates, and intended users against the engagement. Review the historical condition description, comparable evidence, assumptions, inspection limitations, and reasoning supporting the conclusion with the estate’s advisers.

Request factual corrections or explanations where needed. A beneficiary’s preferred outcome is not evidence of value. Keep the final report and supporting records together, and discuss any new intended use with the appraiser before reusing the report.

FAQ

Request an Estate Appraisal Proposal

Preserve dated photographs and records before clearing or renovating the property. That evidence can be difficult to recreate later, even when a current inspection remains possible.

REIS Group provides independent date-of-death and retrospective real estate appraisals for New York estate assignments. To Request an Estate Appraisal Proposal, provide the property address, your role, intended use, adviser-confirmed valuation date, ownership interest, and required completion date. Fees and timing depend on the property, complexity, available records, and agreed scope; no value, tax outcome, third-party acceptance, or turnaround is guaranteed.

This guide provides general appraisal information, not legal or tax advice. Have your attorney or CPA confirm the applicable law, filing requirements, and required valuation dates before ordering or using the report.

Related guides

• Probate appraisal preparation for executors and heirs