Or. Admin. R. 150-118-0100

Current through Register Vol. 63, No. 6, June 1, 2024

Section 150-118-0100 - Property Values and Appraisals

This rule applies to estates of decedents who die on or after January 1, 2012.

(1) The fair market value of an estate's property must be determined as of the date of death or six months following the date of death if the alternate valuation method is elected. The property value reported on the estate tax return must be substantiated. The executor is required to explain how the value was determined and must attach copies of any appraisals used to value property included on the return. If there was no appraisal, the executor must attach a statement to the return explaining how the value was determined. If the determination of value is based on a county property tax statement, the determination of value must be supported by other evidence of value.

(2) A fee appraisal represents both common and best practice for determination of the value for most real and personal property but may not always be necessary. For example, where an Oregon Special Marital Property election has been made, the value of the asset(s) included within the election may not have an impact upon the estate tax.

Or. Admin. R. 150-118-0100

REV 6-2012, f. 7-20-12, cert. ef. 8-1-12; REV 8-2013, f. & cert. ef. 12-26-13; Renumbered from 150-118.100(6), REV 9-2016, f. 8-10-16, cert. ef. 9/1/2016

Stat. Auth.: ORS 305.100 & 118.140

Stats. Implemented: ORS 118.140