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Define Date of Value in Real Estate

Date of Value: 

The "Date of Value" is the specific day when an expert, called an appraiser, figures out how much a property is worth. This date is important for things like taxes, loans, or buying and selling a property because it helps everyone know what the property's value is at that point in time.

Example: 

Tom wants to sell his house, so he hires an appraiser to determine its value. The appraiser visits Tom's house and completes the appraisal on May 1st, 2023. That means the Date of Value for Tom's house is May 1st, 2023.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

Oh, the Date of Value, a date so fine,
When an appraiser decides, "This house shall be thine!"
On that special day, the value's clear,
For taxes, loans, or buying, my dear.
A number's given, so bold and true,
The Date of Value tells what to do.
So, listen up, both near and far,
The Date of Value, a guiding star!