Understanding the Importance of Date of Death Appraisals – North Hollywood
Losing a loved one is never easy, and settling their estate often involves legal and financial steps that require precision and care. One of the most important of these is obtaining a Date of Death (DOD) appraisal, which determines the market value of a property as of the date the decedent passed away. In a vibrant and evolving area like North Hollywood, where properties range from mid-century single-family homes to trendy NoHo Arts District condos, a certified appraisal is essential for probate court filings, estate tax reporting, and the fair distribution of assets.
At Pacific Home Appraisers, we provide professional, USPAP-compliant Date of Death appraisals throughout North Hollywood, trusted by attorneys, CPAs, fiduciaries, and families looking for accurate and legally compliant valuation services.
A Date of Death appraisal, also known as a retrospective appraisal, estimates the property’s value based on market conditions at the time of the owner’s passing. It uses historical comparable sales to determine a fair market value that reflects that specific point in time—not current values.
In North Hollywood—where neighborhoods include everything from classic bungalows and duplexes to new townhomes and luxury apartments—local knowledge and accurate data analysis are essential.
1. IRS and Estate Tax Compliance If the estate exceeds the federal exemption threshold, the IRS requires a certified appraisal for any real estate reported on Form 706. A DOD appraisal ensures accurate and defensible tax reporting.
2. Step-Up in Basis for Inherited Property A certified DOD appraisal documents the value of the property as of the date of death, helping to establish a new tax basis. This step-up can significantly reduce capital gains taxes when the property is sold by heirs.
3. Fair Distribution Among Beneficiaries When multiple heirs are involved, a neutral third-party valuation ensures that assets are divided equitably, especially if one beneficiary retains the home while others are compensated.
4. Probate and Trust Documentation Los Angeles County probate courts and estate planners require USPAP-compliant appraisals to validate the value of real property. A DOD appraisal meets this legal requirement.
A Date of Death appraisal is typically required if:
You are the executor, trustee, or estate administrator
The estate includes residential or investment real estate in North Hollywood
You are filing IRS Form 706
The property will be retained, sold, or divided among heirs
A CPA or estate attorney has requested a market-based valuation
You need to establish a stepped-up basis for future tax reporting
Even if the home is not being sold, the appraisal provides important documentation for legal and financial matters.
1. Property Evaluation We review the size, condition, upgrades, lot features, zoning, and location of the property. If interior access is unavailable, we use MLS data, public records, and prior listings to recreate the property’s profile as of the date of death.
2. Historical Market Research We analyze sales from the time of death in neighborhoods such as NoHo Arts District, Toluca Terrace, Magnolia Park, and surrounding areas. Each comparable sale is selected and adjusted for relevance.
3. Sales Comparison Approach We apply market-based adjustments to comparable sales to estimate the property's fair market value as of the date of passing.
4. Certified USPAP-Compliant Report The report is prepared in accordance with the Uniform Standards of Professional Appraisal Practice, accepted by the IRS, probate courts, legal professionals, and financial institutions.
In addition to Date of Death appraisals, Pacific Home Appraisers provides:
Divorce Appraisals – Accurate, impartial valuations for equitable division of property
Expert Witness Services – Testimony and defensible appraisal reports for legal proceedings
Appraisals for Any Intended Use – Including refinancing, pre-listing, gifting, estate planning, and property tax appeal
Each report is customized to the needs of the estate, legal team, or financial advisor.
North Hollywood is one of Los Angeles’ most diverse and fast-changing markets. From artsy live-work spaces to multifamily investments, the local real estate landscape requires insight and experience to value accurately.
With over 5,000 appraisal assignments completed, Pacific Home Appraisers offers:
Delivery in five to seven business days
Rush service available within forty-eight hours after inspection
Reports accepted by courts, CPAs, IRS, and attorneys
Clear communication and personalized service from start to finish
Can a DOD appraisal be done long after the date of death Yes. Retrospective appraisals can be performed months or even years after the date of death using verified historical data.
Is an appraisal still necessary if the property isn’t being sold Yes. A DOD appraisal is needed to establish a stepped-up basis and fulfill IRS and probate documentation requirements.
Can I use the tax assessor’s value instead No. Assessed values do not reflect actual market value and are not accepted for legal or tax purposes. A certified appraisal is required.
If you are managing a trust, estate, or probate case in North Hollywood, trust Pacific Home Appraisers for certified, timely, and court-compliant valuation services.
Call 818-880-1466 Email kiani105@yahoo.com Visit www.pacifichomeappraisers.com