Retrospective Property Valuations
At Nicisa Valuers, we offer a professional service for retrospective property valuations.
To determine the value of a home or inherited property you are selling, a retrospective property valuation report is necessary.
This report, also known as a backdated property valuation, shows the price of the property from a specific time in the past. Its main use is to calculate the investor’s tax obligation, including any capital gains tax.
A retrospective property valuation or historical valuation is an assessment of an asset’s value at a specific point in time. Commonly used for things such as Capital Gains Tax Valuations, Family Law purposes, and Deceased Estate Valuations. A compensation valuation report is an essential part of a valuer’s repertoire as it allows clients to assess their relevant requirements from an unbiased and centralised source.
If you are an Australian property owner, there are several instances in which you may need to obtain a retrospective valuation of your properties.
The most common reason is capital gains tax (CGT), but there are other circumstances that may also require a retrospective valuation.
- Separation from a spouse: the value of investment properties must be identified on the date of official separation for distribution purposes.
- Inheritance of properties in a deceased individual’s estate: the value of the property must be identified on the date of the deceased individual’s death for distribution purposes.
In each of these circumstances, a backdated property valuation has a significant impact on property owner’s tax obligations, so you’ll need to obtain accurate valuations from an experienced Certified Practising Valuer.
The process involves the examination of historical sales data for the subject property over a specified period, with consideration given to relevant market conditions at that time. The resulting report will provide evidence to support the current market value of the property during the period under review.
A prospective buyer or seller may require such a report to gain an understanding of what similar properties have sold for over time, allowing them to make an informed decision on their purchase or sale price.
Get Your Retrospective Property Valuation Today!
Get in touch with one of our friendly certified Nicisa Property Valuers to organise your next Retrospective valuation.
