Here’s what you need to do if you intend to value inherited property.

Now that everyone has put their New Year’s resolutions together, today I thought I’d add a little postscript from a recent client. After we closed, they asked us for help in valuing property that had been inherited back in 1970. Certainly we can go back a little in our database to look for sold information, but 1970 is pretty far.

When a homeowner passes away, it’s important to valuate their property as soon as possible because that value will be the basis for any taxes charged against appreciation moving forward.

If you’re looking to value an inherited property, create an ‘important papers’ file on the property. This would include things like whether the property owner had mineral rights and other long-term documents. Those documents can be used to inform any valuations done for that property. Many people have a habit of losing these kinds of papers, but putting them together in a file will help ensure that the process goes smoothly.

If you have questions about valuing inherited property or anything else to do with real estate, don’t hesitate to reach out to the Hollinger Team. Hope to hear from you soon!