What is a common reason an appraiser might be asked to prepare a retrospective appraisal?

A common reason an appraiser is asked to prepare a retrospective appraisal is to determine historical property value. This type of appraisal focuses on assessing the value of a property at a specific point in the past rather than its current or future value. Retrospective appraisals can be crucial in various situations, such as legal disputes, estate settlements, or when evaluating the impact of significant changes to a property over time.

By establishing what the property's value was at a certain date, appraisers can provide insights that may help in understanding market changes, disputes over sale prices, or tax assessments. This historical perspective is vital for clients needing to justify a past transaction or understand how external factors may have influenced the property's value over a certain time period.