What is a retrospective appraisal primarily based on?

A retrospective appraisal is primarily based on historical information. This type of appraisal is performed to determine the value of a property at a specific point in the past, rather than its current value or a projected future value. The appraiser analyzes data and market conditions that existed at that historical date to establish an accurate valuation. This requires a thorough understanding of past transactions, property conditions, and market trends that were relevant at the time the property was evaluated.

In this context, focusing on historical information allows appraisers to consider factors such as past sales, economic conditions, and other relevant circumstances that influenced property values at that specific time. By doing so, they can provide stakeholders with insights into the property's financial history and how it has changed over time, which can be crucial for various legal, financial, and tax-related purposes.