Q: For probate, can you use the assessed value of a home or do you have to use the market value?
For the purpose of determining the probate procedure to use, do you have to use the amount it states is the market value of the home or can you use the assessed value?
A: We typically use the Zillow value - just keep in mind if Zillow is used, and an appraisal is done which puts it over the statutory limit, you will need to convert the probate.
A: The courts will not accept the County Assessor's value. They will accept Zillow.com evaluation and the proper evaluation is the date of death evaluation. Zillow has a tool that lets you get the value for any month going back several years. Zillow.com evaluations don't take into account the condition of the house.
The courts will also accept the appraisal of a licensed real estate appraiser with a copy of the appraiser's license to appraise real estate attached. Sometimes we go this route if the real value of the real estate is less than Zillow.com and this will get us to a simpler probate procedure. But, Zillow.com is free whereas an appraisal from a license real estate appraiser will cost about $500 without any promise the desire result.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.