Current through Register Vol. 61, No. 4, April 1, 2022
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.
Admin. R. 150-118-0100
f. 7-20-12, cert. ef. 8-1-12; REV 8-2013, f. & cert. ef. 12-26-13;
Renumbered from 150-118.100(6),
9-2016, f. 8-10-16, cert. ef.
Stat. Auth.: ORS
Stats. Implemented: ORS