What determines the effective date of an appraisal?

The effective date of an appraisal, which is a crucial element in the appraisal process, is fundamentally linked to the specifics of the appraisal assignment itself. This date signifies the moment in time that the value is intended to reflect, and it is typically established based on the purpose and context of the appraisal. For instance, an appraisal might be tasked to assess the current market value of a property as of a specific past date or on the date of the appraisal's completion.

Selecting the appraisal assignment as the determinant allows appraisers to appropriately tailor their work to meet the needs and requirements of their clients or stakeholders, ensuring that the resulting valuation is relevant and applicable to the intended use. The effective date is often indicated clearly in the appraisal report to clarify the timing of the data and analysis that supports the value conclusion.

While factors like market conditions, the appraisal report's completion date, and client requests all play roles in the appraisal process, they do not singularly determine the effective date. The assignment itself inherently encompasses considerations of those factors, directing the appraiser on how to treat the effective date based on what the stakeholders require.