Perth Retrospective Property Valuation
At Perth Property Valuers Metro, we take pride in our reputation as a leader in the valuation industry. We are part of a nationwide full-service property valuation company, giving us the expertise to provide accurate property valuation services for a range of purposes. Our valuers have expertise and specialisation within many valuation needs, including retrospective property valuation Perth.
What is a retrospective property valuation?
A retrospective property valuation, also referred to as backdated property valuation, is a valuation performed to determine the value of a property at a certain date in the past. This type of valuation is different from the standard property valuation which finds the current market value of a property.
Both types of valuation require research of relevant property market data and comparison of the property with other properties sold in the local area. For a retrospective property valuation, this data of relevant sales will be those of nearby comparable properties that were sold near the selected retrospective date.
At Perth Property Valuers Metro, all our property valuers have extensive experience in the local property market. This gives them an exclusive insight into market conditions and enables them to ensure accurate and well-informed retrospective valuation reports.
What are the purposes for a retrospective valuation?
There are various reasons why you may require a retrospective property valuation. These are commonly reasons involving legal or taxation compliance where it is necessary to provide an accurate value of a property on a retrospective date.
Here are examples of situations which commonly require a retrospective property valuation:
- Capital gains tax valuations
- Government grant submissions
- Property valuation for tax purposes
- Probate taxes which require a calculation of property value at DOD
The purpose which our valuers most commonly provide backdated valuation reports for is CGT determination on investment properties. A individuals CGT liability is determined by the increase or decrease in a property’s value from the date ownership was taken, to the date it was sold, or ownership was transferred. As certified valuers, we are experts in accurately assessing the true value of a property at a specified backdate, as well as current market value.
Retrospective Property Valuation Perth
Determining the accurate retrospective value of a property is a complex process which requires comprehensive research. To calculate the backdated value, the valuers will consider the price it was purchased if the property was purchased, the year of it was acquired, the condition and size of the property at the backdate. Additionally, they will utilise exclusive property databases to find relevant information on the property and to access comparable sales at the retrospective date.
To ensure you are receiving an accurate backdated value, you must choose a certified and experienced valuer with the qualifications to produce a professional property valuation.
If you require a retrospective property valuation or would like to hear about what valuation type you need, we are able to help. Contact us today on (08) 9468 3202 or by completing an online enquiry form.