Products and consulting services for:
Divorce Appraisals
Estate Appraisals/Retrospective
Estate Appraisals/Retrospective
For many couples, their real estate is the largest asset obtained during the marriage. Even if you or your spouse wishes to retain the marital residence after the divorce, an accurate value must be obtained for purposes of property division. There are typically two options regarding the real estate holdings. The property can be sold and the proceeds divided, or if either party wants to remain in the home, they can pay a settlement to the other.
In either case, an appraisal is needed. In scenario #1, an appraisal should be obtained to help determine a listing price in an effort to limit the time the house will be listed for sale and maximize the selling price.
In scenario #2, the judge will not make a ruling on the settlement or division of property without an appraisal by a certified real estate appraiser.
Divorce appraisals require a well-supported, professional appraisal that is defensible in court. The appraisal should be completed by an appraiser with experience in providing both current real estate value as well as retrospective value, as one or both may be required by the courts. A Retrospective Appraisal means the value of the property is based upon a date in the past (perhaps the filing date, the date of marriage, the date of separation, or the date of purchase) rather than the current date. If your case were to go to court, the appraiser may be called as an expert witness.
The appraiser’s value and adjustments made in the report must be clearly explained and supported. Leavell Appraisals provides detailed and well-substantiated reports that are defensible in court.
Estate Appraisals/Retrospective
Estate Appraisals/Retrospective
Estate Appraisals/Retrospective
We know that managing or settling an estate can be a difficult task. As the trustee, executor, or professional advisor, you have many things you need to deal with, and we want you to know that you can count on us to act quickly and with as much sympathy and confidentiality as possible.
There are many situations where you need an experienced, qualified, and certified appraisal expert. A professional appraisal gives the executor solid facts and figures needed to make decisions, support their fiduciary responsibilities, and ensure peace of mind for all parties.
Establishing New Basis
The most common scenario is to determine the fair market value as of the date of passing of the decedent, commonly referred to as a date of death appraisal. When a beneficiary inherits property from a decedent, the property receives a step-up in basis to its value on the date of death. This “step-up in basis” can be a significant income tax benefit for beneficiaries and needs to be documented by an appraisal.
Retrospective Value
In many cases, the appraiser is requested to establish the value of a property when the date of death was months or sometimes years in the past; these are referred to as retrospective appraisals. These are also typically used to establish the stepped-up basis in a property for estate planning and tax filing purposes.
Buy-out or Selling an Inherited Property
In some scenarios, one of the heirs may wish to buy-out the interest of the other heirs and retain the property personally or the executor may be required to sell the property. In either case, a professional, unbiased appraisal should be obtained to document the value and support the executor’s decisions and fiduciary responsibilities.
Estate Tax Returns
Estate tax returns are required whenever the total value of the decedent’s assets exceed the applicable filing thresholds. Appraisals are often required to determine the value of the real estate holding of the estate to assist in deriving the total value of an estate and documenting the value for the tax return.
A “qualified appraisal” means an appraisal that is conducted by a “qualified appraiser” in accordance with generally accepted appraisal standards. An appraisal will be treated as having been conducted in accordance with generally accepted appraisal standards if, for example, the appraisal is consistent with the substance and principles of the Uniform Standards of Professional Appraisal Practice (USPAP).
A “qualified appraiser” is an individual who has earned an appraisal designation from a recognized professional appraiser organization, if the designation is awarded on the basis of demonstrated competency in valuing the type of property for which the appraisal is performed, or has otherwise met minimum education and experience requirements set forth by the Secretary.
Appraisals used in planning an estate and in documents filed with the revenue authorities should be well supported by a detailed report prepared by a qualified and certified real estate appraiser. The report should document how the appraiser arrived at their conclusions and demonstrate to the user that the appraisal is well founded, substantiated, and meets with Treasury Regulations and state agency requirements. Additionally, the IRS looks at the accreditation of the appraiser, the rationale of the “Fair Market Value” opinion, the validity of the comparable research, and the overall professionalism of the appraisal report.
Pre-Listing Appraisals
Estate Appraisals/Retrospective
Pre-Listing Appraisals
An expert appraisal of your home can make the difference between selling a house for top dollar quickly and efficiently or letting it sit on the market for months. Whether you’re working with the most experienced real estate agent in the market or you’re the DIY type taking the For Sale by Owner (FSBO) route, it’s easy to see that an expert opinion is invaluable in ensuring that you’re making the best decision possible.
Getting an unbiased expert home appraisal can have a positive impact on your finances. Without an expert appraisal, you could be leaving money on the table or wasting valuable time.
Leavell Appraisals provides professional home appraisal services in the Spokane area. We have a long history of supporting homeowners who are considering selling their homes. We also enjoy a strong reputation amongst realtors who need to support their listing price by determining the true market value of a property.
CMA vs Third-Party Appraisal
Did you know that relying only on a Comparative Market Analysis (CMA) can result in losing money and wasting time? A CMA is less accurate than a professional, third-party appraisal, resulting in critical errors that can stop your real estate deal in its tracks due to mispricing.
Overpriced homes attract far fewer buyers. You risk having few or no offers at all. This wastes your valuable time, money, and energy. An underpriced home can result in leaving substantial money on the table. Why take the risk?
A pre-listing appraisal ensures both the owner and agent have information vital to making good decisions, including:
- An accurate description of the home’s features
- A detailed analysis of the most recent and relevant comparable sales
- And documented support for the value by an unbiased professional.
In addition to helping you set a realistic selling price to attract the most buyers, a professional appraisal:
- Provides an effective negotiation tool with potential buyers and their agents
- Helps instill confidence in potential buyers since you have written support of your home’s value
- Helps eliminate delays in closing by highlighting any obvious repair problems
- Decreases the chances of sales falling through due to unforeseen problems
Maximize your chances of selling quickly for top dollar. Invest in a pre-listing appraisal by Leavell Appraisals.
Tax Assessment Appeals
Expert Witness/Litigation
Pre-Listing Appraisals
How to Lower Your Property Taxes: A Step-By-Step Guide
Your property tax bill is based on what the assessor estimates the value of your home to be, they call it “assessed value”. Did you know that their assessed value isn’t set in stone? Did you know that you can appeal that property tax assessment? Armed with an accurate and well-developed appraisal, you can appeal the assessor’s property tax assessment and lower your property tax.
To lower your property tax, you need to show that your home is worth less than its assessed value. If it turns out you’re right and your property is over-assessed, you can appeal by providing proof that the value is incorrect.
Step 1 - Check the Data
You can challenge a tax assessment based on the accuracy of the assessor’s data. The assessor’s record contains information such as square footage, bedroom and bathroom count, lot size, and condition of the property. If any of this information is incorrect, the assessor’s valuation may be off. If any facts are wrong, then you may have a quick and easy challenge on your hands.
When the data is incorrect, the measurements, analysis, and appraisals that we provide are often the basis for a tax reduction.
Step 2 - Determine the Current Value
You can also challenge your assessed value by showing that the current market value of the property is lower. If you are going to contest your assessed value, a strong, accurate, real estate appraisal is absolutely critical for your argument. The appraisal must be based on accurate information which is objective and impartial. County assessors are adept at spotting unreasonably low values that are prepared by “hired guns.” These faulty valuations can raise a red flag within the assessor’s office and rarely win your tax appeal.
Step 3 - Present Your Case
You may not need to file a formal appeal if you talk with the Assessor’s Office first. They can explain your property’s assessed value, answer any questions you may have about the assessment and review the appraisal or any additional pertinent information you provide and reduce your assessed value if warranted. If you aren’t satisfied with the explanation or results, you can file a formal appeal.
Step 4 - File an Appeal Application
An assessment appeal is a process whereby property owners appeal their assessed value to an independent citizens’ review board. You can present the information or hire us to present to the board. The board will review both the evidence you provide and the evidence presented by the Assessor’s office. Based on the strength of the evidence presented, they will establish the taxable value for the property.
Leavell Appraisals has successfully argued before the county commissioners and lowered assessed values for our clients by providing quality appraisal reports that stand up to rigorous examination.
Expert Witness/Litigation
Expert Witness/Litigation
Expert Witness/Litigation
At the very core, appraisals are a subjective interpretation formulated by—hopefully—experienced professionals. As with all opinions, these interpretations are only as credible as those that provide them. Whether original opinions or rebuttals, litigation appraisals require knowledgeable, skilled, and credentialed appraisal specialists who are experienced in providing litigation appraisals, appraisal reviews, and expert witness testimony. Our appraisals and expert witness services have allowed our clients to prevail in litigation and dispute resolution.
At Leavell Appraisals, we provide comprehensive original opinion-of-value and rebuttal appraisal expert witness testimony and litigation-support services for residential properties in the Spokane County area. Through our in-depth analyses based on objective data, we’ve helped our clients achieve a wide range of positive outcomes by:
- Providing expert advice that helps resolve complex appraisal and valuation issues.
- Assisting in identifying the relative strengths and weaknesses of an appraisal or other information presented by opposing parties and performing additional research and analysis to support or discredit various assumptions or conclusions.
- Advising client counsel in the preparation of appraisal-related discovery, appraiser expert challenges, and appraisal and appraiser compliance with state and federal regulations and the Uniform Standards of Professional Appraisal Practice (USPAP).
We have experience with cases including:
- Value loss due to issues such as water intrusion, mold, undisclosed defects, structural, and geological problems.
- Value loss due to view obstruction.
- Cases involving Estate disputes.
Our considerable experience allows us to offer a range of Expert Witness and Litigation Support Services. Clients who have used our services include law firms and private parties (both plaintiffs and petitioners). In many cases, our independent, supportable analysis has allowed clients to settle cases without going to court.
Service Area
Our Expertise
With over nine years of experience, we specialize in residential appraisal services. Whether you're preparing to list your home or need an estate planning valuation, we provide accurate assessments for all your needs. We service Spokane County as well as the counties of Stevens, Pend Oreille, Lincoln, Adams, and Whitman. In addition to urban residential wee have vast experience in acreage properties, manufactured housing, and waterfront properties.