Step up in Basis.

There are many situations where you might need an appraisal of property that states an opinion of what the properties current market value is, or perhaps the market value on a date some time ago, rather than when the appraisal is ordered. For estate tax purposes or disposition of the assets of a decedent, a "step up in basis" is often required. A step up in basis is the change in the value of an asset inherited upon the owner's death. The taxable gain is then calculated based on the fair market value at the time of death, not the fair market value at the time the asset was purchased. (Sometimes, the executor of the estate may choose to have the date be six months after the date of death -- but the same principles apply.) Please consult your attorney and/or accountant for tax and legal advice.

Many attorneys, accountants, executors, private parties and others have chosen and relied on Berge Appraisers for "retrospective" valuations because such appraisals require special expertise and training. They require a firm that's been in the area for some time and can effectively research comparable contemporaneous sales. Berge Appraisers is happy to provide references upon request.

Real property isn't like publicly traded stock or other items which don't fluctuate in value very much or for which historical public data is available. You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect.

Please browse our website to learn more about our qualifications, expertise and services offered.