What is the term for the specific date on which value estimates are made?

The term for the specific date on which value estimates are made is known as the effective date of appraisal. This date is crucial in the appraisal process because it signifies the moment in time when the appraiser determines the value of a property. This ensures that all market conditions and property characteristics are relevant to that specific date, providing a clear reference point for the valuation.

In real estate appraisals, the effective date is particularly important, as property values can fluctuate over time due to various factors such as market trends, economic changes, and property conditions. By establishing an effective date, appraisers and stakeholders can communicate more effectively about the valuation and any decisions that depend on it.

Understanding the effective date helps clients, lenders, and real estate professionals align their actions and expectations based on the value that is determined as of that date, ensuring all parties are operating with the same understanding of the property's worth at that specific point in time.