Getting a Date of Death Value from a Realtor in Oregon
Determining the value of an estate can be a hassle but is typically required in order to pay the proper amount of taxes. Often called an inheritance tax, all assets of the deceased be properly valued at the date of death or six months following the date of death. The executor is required to explain how the value was determined and must include proof.
Appraiser or Realtor?
When it comes to real estate, often a licensed real estate appraiser is hired to perform the date of death appraisal. Certainly this is a fine path to take. It is also possible for the executor to “substantiate” the value of the real estate property with alternative documentation. Once such possible alternative to explain how value of the property was determined would be to attached a Realtor’s CMA (comparative market analysis) to the filing that is based on comparable sales at the date of death (DOD) or six months after (whichever the executor chooses). Our available tools allow us to backdate the value of any real estate in Oregon to create an accurate CMA of value.
When we work with our Probate clients to sell an inherited home, we provide this date of death CMA at no additional cost to better assist the family through the process.
Obtain Proper Legal Counsel
Always follow the legal advice of a licensed Probate attorney. Realtors cannot give legal advice, but we can use our particular skill sets to help a client and are happy to assist your Probate attorney when and where possible along the way.
We have helped numerous families sell inherited homes and have regularly advised them on current real estate values and pointed them to recommended Probate resources, whether it be a tax, title, or legal professional.
Getting the Home Ready to Sell
We often advise families on the best improvements to make to an inherited home prior to going to market, improvements that will provide a significant return on investment (ROI). We can also recommend local service providers to help make those repairs or improvements. Licensed since 2003, with over 2,000 local home sales, our team would love to use our experience on your behalf. We charge 4% max. commission to sell a home and provide cancel anytime contracts for no charge.
Selling the Inherited Home
We have a long standing relationship with local title and escrow officers that have extensive experience in closing inherited property and dispersing the funds to the family properly and efficiently after the sale is complete. We have also navigated a wide variety of family relationships with compassion and patience in order to bring a sale to a successful conclusion for all parties. Please give us a call today to get the process started or chat with the bot on our site. We’d love to talk with you about your situation.
Here is the Oregon law on Real Estate Inheritance Tax:
This rule applies to estates of decedents who die on or after January 1, 2012.
(1) The fair market value of an estate’s property must be determined as of the date of death or six months following the date of death if the alternate valuation method is elected. The property value reported on the estate tax return must be substantiated. The executor is required to explain how the value was determined and must attach copies of any appraisals used to value property included on the return. If there was no appraisal, the executor must attach a statement to the return explaining how the value was determined. If the determination of value is based on a county property tax statement, the determination of value must be supported by other evidence of value.
(2) A fee appraisal represents both common and best practice for determination of the value for most real and personal property but may not always be necessary. For example, where an Oregon Special Marital Property election has been made, the value of the asset(s) included within the election may not have an impact upon the estate tax.
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Property Values and Appraisals
