Trusted Estate Residential Appraisals in York and Cumberland Counties

" Lindsay has a keen sense of managing clients even when it comes to delicate situations. "

 - Joyce and Keith

Estate Residential Appraisals in York and Cumberland Counties

When a loved one passes or when planning ahead for the future, having a clear and defensible valuation of residential real estate becomes essential. LM Appraisals is led by a State Licensed Residential Appraiser serving York County and Cumberland County, providing professional estate appraisals that meet probate and IRS reporting requirements. Our reports are prepared in compliance with USPAP standards and are designed to withstand review by courts, attorneys, and financial professionals.

An estate appraisal establishes the fair market value of a property for probate filings, trust administration, equitable distribution among heirs, and stepped-up basis reporting. In many cases, the required value is not based on today’s market, but on market conditions as of a specific date in the past. That distinction is critical. Online estimates and informal opinions are not sufficient when the valuation may be relied upon for legal or tax matters.

If you would like to better understand how fair market value is developed and where key figures appear in a residential appraisal, you may find our guide on how to read a home appraisal report helpful.

Date of Death (Retrospective) Appraisals in Southern Maine

A common request in estate work is a date of death appraisal, also referred to as a retrospective appraisal. This determines the property’s fair market value as of the date a loved one passed away.

For tax purposes, the IRS generally uses the property’s fair market value on the date of death as the new tax basis for heirs. This is often referred to as the stepped-up basis. In practical terms, that value can directly affect future capital gains calculations if the property is later sold. Because of this, accuracy and proper documentation are important.

Preparing a retrospective appraisal requires careful research of historical market data and comparable sales from the relevant time period. Market conditions in Portland during one year may look very different from conditions in South Portland, Gorham, or Windham during another. York County towns such as Kennebunk, Biddeford, Alfred, and Lebanon each respond to local influences that must be properly analyzed. A well-supported retrospective valuation interprets those conditions accurately and documents the reasoning clearly.

Local Knowledge and Market Context

Real estate markets vary significantly across Southern Maine. Properties on Portland’s peninsula behave differently than lakefront homes in Standish or Windham. Established neighborhoods in Westbrook or Scarborough can perform differently from rural properties in York County. Estate appraisals require more than a surface review of comparable sales. They require an understanding of neighborhood trends, condition, location influences, and how the broader market was behaving on the effective date of value.

Experience within York and Cumberland Counties allows us to analyze these factors within the proper context. Whether the home has been in the same family for decades, requires updates, or is located in a unique setting, the valuation reflects both property-specific characteristics and the realities of the local market at the relevant time.

What to Expect During the Estate Appraisal Process

The process begins with a conversation to confirm the purpose of the appraisal and the required effective date of value. After scheduling and completing a property inspection, research and analysis are conducted using appropriate comparable sales and historical market data. The completed appraisal report is delivered within an agreed timeframe and may be provided directly to the client, executor, attorney, accountant, or other authorized party.

Clear communication is especially important in estate matters. We regularly work with estate attorneys, fiduciaries, and financial professionals to ensure that reports meet court and IRS documentation expectations while remaining understandable for family members involved in the process.

Information for Attorneys, CPAs, and Fiduciaries

Estate appraisal assignments are prepared in compliance with USPAP standards and developed to meet the documentation needs commonly required for probate proceedings and tax reporting. Reports clearly identify the effective date of value, scope of work, supporting market data, and reasoning behind adjustments and conclusions.

We are experienced in researching historical market conditions for retrospective effective dates and in coordinating directly with legal and financial professionals to ensure reporting needs are met. Consultation regarding valuation methodology is available if clarification is needed during estate administration.

A Trusted Resource for Estate Valuation in Southern Maine

Estate situations often involve both emotional and financial considerations. A clear, credible residential appraisal provides a stable foundation for decision-making and settlement. LM Appraisals serves homeowners, attorneys, and fiduciaries throughout York and Cumberland Counties with professional property appraisals in Southern Maine. If you need an estate appraisal for probate, trust administration, or a date of death valuation, we are available to discuss your situation and outline the next steps.