Philadelphia, PA asked in Estate Planning for New York

Q: How to determine value of probate property that will be inherited instead of sold? The will stipulates 50/50 division.

one Child is inheriting an apt building and the other is inheriting the parcel of land. How do you determine value of the properties to be able to split value 50/50 as will stipulates?

Has an assessed value been used over an appraisal?

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2 Lawyer Answers
Benjamin Z. Katz
Benjamin Z. Katz
PREMIUM
Answered
  • Estate Planning Lawyer
  • New York, NY
  • Licensed in New York

A: The fastest and easiest way is to have an appraisal done of the apt building and parcel.

1 user found this answer helpful

Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: In NYC, assessments are not market value or even related to market value. Thus, an appraisal would be used.

1 user found this answer helpful

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