Understanding Property Valuations for Deceased Estates

When a property owner passes away, the property needs to be valued as part of the deceased estate. Here's what you need to know.

Why Deceased Estate Valuations are Different

These valuations serve specific legal and tax purposes:

• Probate: Required by courts
• Capital Gains Tax: Establish cost base
• Estate distribution: Determine value for beneficiaries

Market Value vs. Date of Death Value

The valuation is typically done as at the date of death, not the current market date.

Who Can Conduct Deceased Estate Valuations?

Qualified valuers only: CPV, API or RICS member. Real estate agent appraisals are NOT sufficient.

The Process

1. Engage a certified valuer
2. Provide death certificate and grant of probate
3. Valuer inspects property and researches comparables
4. Valuation report provided with date-of-death value

Note: This is general information only. Consult a legal professional for specific advice.

Get property valuations on KnowThePrice for reference.