Do I need a registered property valuation?
When settling a deceased estate, you need to establish the value of property — but a formal registered valuation is not always required or the best option. Here is how to decide.
General guidance only — not legal or financial advice. Every estate is different. Consult a professional for your specific situation.
NZ abolished estate duty in 1992
Unlike some countries, New Zealand has no inheritance tax or estate duty. This means there is no tax-driven legal requirement for a formal registered valuation in most estates. The question is simply: what level of evidence do you need to meet your duties as executor?
A real estate agent's appraisal is often enough
A written Comparative Market Analysis (CMA) from a licensed real estate agent is free and typically takes one to two days. The High Court accepts a written agent appraisal as evidence of property value for a probate application. Banks and most financial institutions also accept it. For a straightforward estate where the property will be sold and beneficiaries are in agreement, an agent appraisal is the sensible choice.
When a registered valuation is worth getting
A formal registered valuation ($500–$1,500) is produced by a PINZ-registered Registered Valuer. It carries more legal weight than an agent's opinion and is the stronger choice in these situations: (1) Beneficiaries may dispute the value — a registered valuation is harder to challenge. (2) One beneficiary is buying out others — you need a defensible number all parties can rely on. (3) The property is unusual or complex — commercial property, lifestyle blocks, mixed-use buildings. (4) IRD is involved — investment properties may require formal values for bright-line or depreciation purposes. (5) You want full protection — if there is any doubt, a registered valuation is your best record that you acted properly as executor.
The executor's actual duty
Your duty as executor is to establish a fair market value for the property — not to pay for the most expensive method of doing so. Using a free agent appraisal for a simple estate where beneficiaries agree and the property goes to market is entirely reasonable. Spending $1,000 on a registered valuation for a $300,000 property in a low-conflict estate with one beneficiary is unnecessary. Use your judgement, and when in doubt ask your probate lawyer.
What the valuation date should be
Regardless of which type of valuation you use, the date should be as close to the date of death as possible. This is the date that matters for estate accounts, IRD purposes, and establishing what the estate was worth at the point it came into existence. Do not use a valuation that is months old.
Checklist — Do I need a registered property valuation?
- For a simple estate: get a written CMA from a local real estate agent (free)
- For disputes or beneficiary buyouts: commission a registered valuation from a PINZ RV
- For investment property: seek tax advice on whether a formal valuation is needed for IRD
- Always ensure the valuation date is close to the date of death
- Keep the written valuation on file as part of the estate records
Who can help at this stage
EstateCompass lists NZ providers who work in this area.
Have a specific question?
Our AI assistant draws on our NZ estate guide and can answer general questions in plain English, any time. It is not legal advice.