Retrospective Appraisal
An appraisal with an effective date in the past. The appraiser estimates value as of a historical date using market data and conditions that existed at that time.
Retrospective appraisals are common for estate/probate work (date of death), tax appeals (assessment date), divorce proceedings (date of separation or filing), insurance claims (date of loss), and litigation (date of breach or damage). The challenge is using only data that was available or discoverable as of the effective date — the appraiser cannot use "hindsight" knowledge of market changes that occurred after the effective date. Retrospective appraisals often require extensive historical research and may have limited comparable data depending on how far back the effective date falls.
Related Terms
Effective Date (Date of Value)
The date on which the appraiser's opinion of value applies.
Market Value
The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus..
Scope of Work
The type and extent of research and analysis performed in an appraisal assignment.
NJ Property Tax Appeal
The legal process by which a NJ property owner challenges their property's assessed value at the County Board of Taxation or NJ Tax Court.
More in Appraisal Process
View allExtraordinary Assumption
An assumption that is directly related to a specific assignment and, if found to be false, could alter the appraiser's opinions or conclusions.
Hypothetical Condition
A condition that is contrary to known fact but is assumed for the purpose of analysis.
As-Is Value
The value of a property in its current physical condition, as of the effective date of the appraisal, without any hypothetical conditions or extraordinary assumptions about future improvements or changes..
Prospective Value
A forecast of a property's value at a future date, based on anticipated changes in market conditions, property improvements, or other factors.