Retrospective Appraisals is an opinion of value as of a specific date in the past. Retrospective values are frequently sought in connection with property tax matters, estate or inheritance tax matters, condemnation proceedings, divorce settlement matters, natural disasters or suits to recover damages.
“A value opinion effective as of a specified historical date. The term does not define a type of value. Instead, it identifies a value opinion as being effective at some specific prior date. Value as of a historical date is frequently sought in connection with property tax appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., “retrospective market value opinion.”
Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute, 2010).