Determining the San Diego
Estate Property Value
There are several factors that go into How the Value of San Diego Estate Real Property is Determined. Hi, I’m Kim Ward, Author of What To Do When You Are Responsible for real estate a loved on leaves behind. The number one consideration determining property value is condition of the property and the premises; The second is location and neighborhood; and the third is recent sold prices of comparable home values within half a mile of the estate property.
Its important that you are aware that The assessed value on San Diego real property tax bills generally do not reflect the true value and should never be used to determine the current property value. A private appraisal by a licensed real estate appraiser is good evidence of the value of the estate property, but it can be expensive. As a Real Estate Broker in San Diego County, I can provide a Market Analysis of the decedent ‘s home; I do this as a courtesy and at no charge.
Keep in mind, if a formal San Diego probate proceeding is required, spending money on a private appraisal is not necessary. A court-appointed San Diego probate referee will complete the appraisal, so the fee for a private appraisal would be wasted. The probate referee will charge a fee for this service. Here are three reasons an appraisal is needed during a San Diego probate?
- It determines the date of death property value for tax purposes so that the gain or loss on sale can be calculated.
- Sets a property value in the event the property has to be divided among more than one beneficiary or heir.
- Establishes a basis to calculate the statutory fees.
A few other things to remember are: when the executor or administrator is selling a property involved in San Diego probate, the sales price may not be less than 90 percent of the probate referee appraised property value. The appraisal by the San Diego probate referee must be within one year of the date of the sale. The property is appraised typically as of the date of death. So if it has been a year or close to a year from the date of death, I recommend that this be discussed with your probate attorney. As we’ve all experienced, the market can change in a year, and the San Diego probate court may order a reappraisal to make certain the property is being sold at fair market value.
I hope this helps! To talk about your specific circumstances, feel comfortable reaching out to me. My team and I have helped over 500 estate representatives, like you, to prepare, market and successfully sell and we can help you to.