ESTATE APPRAISALS IN HOUSTON
Home Appraisers for Estate & Probate in Houston Texas
Real property assets are typically among the highest valued holdings in an estate. Having an accurate valuation for any real property held in an estate is a necessity for a variety of situations including estate planning, inheritance, tax planning, equitable distribution, and more. The most common situation being an estate transfer to heirs due to a death or inheritance, causing a tax event that must have accurate values as of the date of transfer. This settlement process is usually overseen by an attorney or accountant acting as an executor of the estate, though it is sometimes taken on by a member of the family.
Another very common situation which requires an estate appraisal is the process of estate planning. When drawing up a will and determining asset allocation to heirs, an appraisal will help you establish a base value for any real property assets that will transfer. It is often much less expensive and complicated to settle an estate that has a will than going to probate court.
If a death occurs without a valid will then the estate is left intestate. In such situations the estate will go to probate court with the goal of asset distribution among heirs and estate tax assessment. An appraisal will be required by the courts to determine the equitable value of all real property assets to be distributed among the heirs. While the State of Texas does not have an inheritance tax, the federal government does. Any estate with total assets valued over 5 million dollars is subject to the tax. If an estate has been held in probate it is recommended that you retain legal counsel that specializes in such cases.
Date of Death Appraisal
The settlement or disposition of real property assets according to a will or probate court both require that the effective value be as of the date of death. This requires the appraiser to perform what is known as a retrospective appraisal. It should be noted that for some tax situations, the date of the appraisal can be up to 6 months AFTER the date of death. An accountant will often times suggest that their client order two appraisals; one values as of the date of death and the other current.
The appraisers at Houston Appraisal Company understand the complexities of real property valuation with regards to estates. We work with heirs, attorneys, accountants, estate planners and executors to make the process as low-stress as possible. No matter what your exact situation is can rely on our accurate and professional appraisal services to assist you.
RESIDENTIAL APPRAISAL SERVICES
COMMERCIAL APPRAISAL SERVICES
WHAT'S THE APPRAISAL PROCESS?
FREQUENTLY ASKED QUESTIONS
What Should I do to Prepare for the Appraisal?
The first piece of information we will need is a complete appraisal request form. This will serve as the "engagement letter" and detail what we are appraising and who our client is for the assignment. Your appraiser will contact you about scheduling an appointment for the site visit as well as determine the specifics of the appraisal process including the date of death to be used on the report. During the site visit process the appraiser will have a few questions regarding the property itself such as any recent upgrades or changes to the property and any known deficiencies.
How is a home appraisal different than a Home Inspection?
An appraiser’s inspection of the house is solely for the basis of comparison of other properties, where an inspection is the basis for the absolute condition of all aspects of that particular property.The appraiser briefly walks through the house to get an idea of the general condition and room count.Because as appraiser is not a structural engineer, there may be hidden or unapparent physical deficiencies or adverse conditions of the property at the time of the inspection that he may be unaware of.Knowing the condition and quality the subject property is in better helps appraisers pick out the right comparable sales.In certain cases, if you feel your home has external or internal damage that may be unapparent to the visible eye of an appraiser, you may be prompted to seek the advice of a real estate inspector.
Are there certain documents I should have on hand before an appraisal takes place?
Nothing that is absolutely necessary, but these could help: a survey of the land; a deed, title or property tax report showing the legal description; a copy of the original plans & specifications; a list of recent improvements & their cost; a home inspection report or other document detailing structural, mechanical and electrical soundness of the home.
REAL PROPERTY APPRAISALS THROUGHOUT HOUSTON
Aldine, Alvin, Atascocita, Bayou Vista, Baytown, Beach City, Bellaire, Bellville, Brazos Country, Brookshire, Brookside Village, Bunker Hill Village, Channelview, Cinco Ranch, Clear Lake Shores, Cleveland, Cloverleaf, Crosby, Cut and Shoot, Dayton, Deer Park, East Houston, El Lago, Four Corners, Fresno, Friendswood, Fulshear, Galena Park, Greatwood, Greenspoint, Hedwig Village, Hilshire Village, Hitchcock, Hockley, Huffman, Humble, Hunters Creek Village, Jacinto City, Jersey Village, Katy, Kemah, Kingwood, La Porte, League City, Liberty, Liverpool, Magnolia, Manvel, Meadows Place, Mission Bend, Missouri City, Mont Belvieu, Montgomery, Morgan's Point, Nassau Bay, New Territory, Northshore, North Houston, Oak Ridge North, Pasadena, Pattison, Patton Village, Pearland, Pecan Grove, Piney Point Village, Plum Grove, Porter, Richmond, Rosenberg, Santa Fe, Seabrook, Sealy, Shenandoah, Shoreacres, Sienna Plantation, Simonton, South Houston, Southside Place, Splendora, Spring Valley Village, Sheldon, Spring, Stafford, Sugar Land, Taylor Lake Village, Texas City, The Woodlands, Tomball, Wallis, Webster, Westlake, West Columbia, West University Place, Woodbranch
HOME VALUES IN THESE HOUSTON AREA NEIGHBORHOODS
Acres Homes, Alden Bridge, Alief, Allendale, Astrodome, Belle Court, Binz, Braeburn, Braesview Terrace, Braeswood Place, Briar Forest, Briar Meadow, Central Southwest, Clear Lake, Clinton Park, Cochran's Crossing, College Court Place, College Park, Colonial Terrace, Creekside Park, Cunningham Terrace, Dorado, Downtown, East End, East Houston, East Little York, Eastwood, Edgebrook, Eldridge, Fairbanks, Fifth Ward, Fondren Gardens, Fondren Park, Fondren Southwest, Fonmeadow, Forth Ward, Garden Oaks, George Bush International Airport, Golfcrest, Greater Heights, Greater Hobby, Greater Inwood, Greenspoint, Grogan's Mill, Gulfgate, Gulfton, Harrisburg, Herman Park, Hidden Valley, Houston Heights, Huntwood, Independence Heights, Jensen, Kashmere Gardens, Langwood, Lazy Brook, Macgregor, Magnolia Park, Medical Center, Memorial, Memorial Park, Midtown, Minnetex, Monticello, Montrose, Museum District, Myerland, Neartown, North Shore, Northside, Northside Village, Panther Creek, Park Place, Park Ten, Pecan Park, Pemberton, Pleasantville, Port Houston, Research Forest, Rice Court, Rice Village, Richmond Plaza, River Oaks, Second Ward, Settegast, Sharpstown, South Acres, South Main, South Main Gardens, South Park, South Union, Southbelt, Spring, Spring Branch, Spring Branch Central, Spring Branch East, Spring Branch West, Spring Shadows, Sterling Ridge, Sunnyside, Sunset Terrace, The Villages, Third Ward, Trinity, University Place, Upper Kirby, Uptown, Virginia Court, Washington Ave., Wayside, West University Place, Westbury, Westchase, Westwood, Willow Bend
APPRAISING PROPERTIES IN THESE ZIP CODES
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We’ve Worked with Real Estate Professionals and Private Clients Throughout the Greater Houston Area Since 2005.