An heir's basis is fixed by a past value, so this appraisal looks backward.

A date-of-death appraisal tells you what a Cherry Hill house was worth on a day already past, usually the day its owner died, judged by its condition then and the sales of that time. To begin, we need the address, the purpose and the effective date your tax adviser has settled on.

Request a retrospective appraisal quote · Call (856) 242-7771

Why basis points back to the date of death

For federal income tax, a Cherry Hill house acquired from a decedent generally carries a basis equal to its fair market value on the date of death (26 U.S.C. 1014(a)(1)); the IRS FAQ on gifts and inheritances says so in plain language. An executor who elects alternate valuation under 26 U.S.C. 2032 moves that value to the alternate date: six months after the death, or an earlier date of sale or distribution. That election is made on the federal estate tax return, only when choosing it reduces both the gross estate and the estate tax, and it is irrevocable. A consistency rule, section 1014(f), can also cap an heir's basis at the value finally determined for federal estate tax in some estates.

Basis can fall as well as rise, so "step-up" is a nickname, not a promise of savings. If the heir later sells for more than basis, the excess is a taxable gain.

Three federal points for Cherry Hill heirs

No inheritance tax at the federal level. The federal estate tax falls on the transfer of a taxable estate, and the executor is the one who pays it (26 U.S.C. 2001 and 2002).
A high threshold. For a U.S. citizen or resident who dies in 2026, the IRS sets the filing line at $15,000,000, counting the gross estate together with adjusted taxable gifts and specific gift tax exemption (IRS estate tax page); a return is also needed when the executor elects portability.
Inheritances are generally not income. Heirs usually leave an inheritance out of income, while rent or other income the property earns afterward is taxable (Publication 525).

Where New Jersey law changes the answer

Married owners. New Jersey does not appear on the IRS list of community property states in Publication 555, so section 1014(b)(6), the community property rule, does not apply to a Cherry Hill home. When spouses owned the house as tenants by the entirety, Publication 551 puts half its value in the first spouse's estate. Ask your tax adviser how basis works for a home you shared with your spouse instead of assuming the whole house steps up.
A separate state tax. Who inherits decides New Jersey's inheritance tax: Class A heirs, among them a spouse, children and grandchildren, owe none, and for deaths since January 1, 2018 the state has had no estate tax (Division of Taxation). When a state return is due, it reports real estate at full market value on the date of death; our estate appraisal page has the details.
Title records. Deeds and mortgages for property in the county are filed with the Camden County Clerk. The recorded deed shows how title was held, which your adviser will want before working out basis.

Date, condition, comparable sales

The effective date

In most cases, the day the owner died. An alternate valuation date applies only if your adviser confirms the estate qualifies and the executor makes the election.

How the house stood when the owner died

Its state on that day: before the clean-out, the new roof or the work done to sell it.

Sales from the right time and place

Sales near the effective date, from comparable parts of the township. The township's 2018 master plan describes housing built mostly between 1940 and 1980 and made up primarily of three- and four-bedroom single-family homes, so the strongest comparisons are often houses of similar age and size in the same section of Cherry Hill, such as Kingston Estates or Erlton North.

A September 2026 month is not your effective date

Our service area page shows Realtors Property Resource figures for the area RPR labels Cherry Hill, New Jersey: a $515,000 median sold price across 80 sales in September 2026.

September 2026 · Area: Cherry Hill, New Jersey · Single Family + Condo/Townhouse/Apt. · Source: RPR, Sold Listings (CSV)

Those numbers describe one recent month of mixed property types across the township. A retrospective report studies the market in the period your adviser names, which may be years earlier, and the one house being valued.

Proof of the house's earlier condition

A renovation or clean-out after the death hides the earlier condition from any inspection today. Dated photographs, a prior listing, inspection reports and repair invoices fill that gap. Tell us what changed and when; the appraiser weighs how each record bears on the effective date and states any assumptions in the report.

Have these ready

The address and type of home
The effective date your adviser has identified, and the reason for it
The report's readers: executor, heirs, accountant or attorney
Condition records from around that date and details of later work
Entry arrangements and any filing date

How the retrospective assignment runs

Date and purpose agreed. Property, effective date, intended users and deadline are fixed, and the scope, fee and delivery estimate arrive in writing before work starts.
The house documented. Arrange entry and share whatever shows its condition on the effective date and the changes since.
The period researched. The appraiser builds the analysis from sales and market evidence of the effective date's period and shows how that evidence leads to the value.
The report reviewed. Look over the effective date, stated use, assumptions and limiting conditions, and send any factual correction to the appraiser.

Pricing a look back in time

How far back the effective date lies, the records available, the size of the house, access and the deadline all affect what the work costs and when it can be delivered. Ask for a written scope, fee and delivery estimate.

One date-of-death value often serves probate and the estate settlement as well; our probate and estate pages describe those uses. Whether a single report can cover several purposes is for your adviser and the appraiser to decide.

Begin with the Cherry Hill address

Tell us the address, the effective date your adviser chose and what the value is for. Request a retrospective appraisal quote or call (856) 242-7771.

This Cherry Hill page was drafted with AI assistance for The Appraising Group Cherry Hill from the IRS, federal code, New Jersey Division of Taxation, Camden County and Cherry Hill Township sources it links. It explains how a date-of-death appraisal works; it is not tax advice and does not value any property.