If you are an executor in New Jersey, you may be wondering whether you must file a probate inventory, who values the house, and what number goes on the page. The short answer: the statute only requires a filed inventory and appraisal in certain situations, but you will almost always need a defensible date-of-death value for the real estate anyway. That value drives the inheritance tax return, the accounting to beneficiaries and any sale or buyout. This guide explains what the law says, how to value each asset, and where a certified appraisal fits.
TL;DR
- New Jersey law says a personal representative may file an inventory with an appraisal, and must if the court requires it or a family exemption is to be set off.
- The court cannot require the inventory and appraisal until three months after letters are granted, with an exception for the family exemption.
- Real estate is valued at its fair market value on the date of death, not today's price and not the assessed value.
- Inheritance tax returns are due eight months after death, so the real estate value is usually needed well before the accounting.
- A standard NJREAG estate and date-of-death appraisal runs $595 to $850.
Table of Contents
- What a probate inventory is in New Jersey
- Are you required to file one?
- How to value New Jersey real estate for the inventory
- Inventory, inheritance tax and the eight-month clock
- Valuing the rest of the inventory
- Costs to expect
- Our perspective
- Get the value in hand early
- Planning the sale or buyout after valuation
- FAQ
- Sources
What a probate inventory is in New Jersey
An inventory is the executor's list of what the decedent owned and what each item was worth. Under N.J.S. 3B:16-2, a personal representative may file a true and perfect inventory of the decedent's real and personal property that has come into their hands, possession or knowledge, together with a just appraisal by two discreet and impartial persons. The statute makes it mandatory when the court requires it or when a family exemption is to be set off.
In practice, the inventory does three jobs. It identifies what is in the estate, it assigns each item a value, and it becomes the baseline for everything that follows. For a decedent's estate, the carrying value is the property's value at the date of death. Debt payment, tax calculation and final distribution all depend on it.
A typical New Jersey inventory lists:
- Real property, with the street address and block and lot
- Bank and brokerage balances as of the date of death
- Business interests such as shares or LLC membership
- Vehicles, jewelry, antiques and other personal property
- Debts and receivables owed to or by the decedent
That breakdown follows what probate practitioners in New Jersey describe. Assets that pass by beneficiary designation are generally outside the probate estate, but recording them is still good practice because they may matter for inheritance tax reporting.
Are you required to file one?
Not automatically. The statute says the representative may file, and shall file in two cases: the court requires it, or a family exemption is being set off. Your attorney or the county Surrogate's Court can tell you whether your estate falls into either case.
Timing is spelled out in the same section. The court shall not require an inventory and appraisal until three months after the grant of letters. If an exemption is being set off, the inventory and appraisal must be made within those three months. Filing happens through the Surrogate's Court in the county where the estate is administered.
Even when nothing is filed, you are not off the hook for valuation. Executors are responsible for determining property values for tax purposes, gathering information for inheritance tax returns and keeping fire insurance on real estate in force during administration, as the Atlantic County Surrogate's Office describes. You will want values on paper either way.
How to value New Jersey real estate for the inventory
The standard is date-of-death fair market value. The state's IT-R instructions define market value as the price a willing buyer would pay a willing seller in an arm's-length transaction, measured as of the decedent's date of death.
Three common mistakes come from ignoring that definition:
- Using the assessed value. Municipal assessments follow their own schedule and are not a market opinion on the date of death.
- Using today's value. If the house sold or was appraised months later, the market may have moved. The value must be tied back to the date of death.
- Using an online estimate. Automated estimates do not see condition, deferred maintenance or what a buyer would have actually paid.
The same instructions point you to real estate tax statements, deeds and appraisals of real property when preparing the return. A written appraisal is the strongest of the three because it ties the number to comparable sales near the effective date.
What a date-of-death appraisal does that a price opinion does not
A broker's price opinion is an informal estimate. A certified appraisal is a written report that follows USPAP, states its effective date and shows the comparable sales and adjustments behind the conclusion. If the Division of Taxation, a beneficiary or a court asks how you arrived at the figure, the report answers the question.
Our approach looks past square footage and public records. We consider condition, renovations, workmanship, layout, marketability and location influences, then select comparable sales that reflect the market as it stood on the effective date. For more on the process, see our guide on how to get a date of death property value in New Jersey.
When the house was not seen until months later
Most executors call an appraiser well after the date of death. That is normal. The appraiser inspects the property as it is now, learns from you and from records what condition it was in on the date of death, and develops a retrospective value. If the house was cleared out, renovated or damaged since then, tell the appraiser early and bring photos, repair invoices and listing records. Our page on retrospective appraisals covers this type of assignment.
Inventory, inheritance tax and the eight-month clock
The inventory deadline and the tax deadline are different, and the tax one is usually the tighter. New Jersey Inheritance Tax returns are due eight months after the date of death. Extensions to file are available, but an extension to file does not extend the time to pay, and interest accrues on unpaid tax.
Tax depends mainly on the relationship between the deceased and the beneficiary. Property held as tenants by the entirety with a surviving spouse is generally exempt from New Jersey Inheritance Tax. When all beneficiaries and the estate are exempt, Form L-9 can be filed to request a real estate waiver, per the state's executor guide.
Because rules differ by beneficiary class, ask the estate attorney or a CPA whether your return needs a full appraisal. Our articles on inheritance tax appraisals in NJ and the 8-month probate appraisal checklist walk through the common scenarios. If the estate is large enough that an alternate valuation date might lower the tax, read about the alternate valuation date with your attorney.
Valuing the rest of the inventory
Real estate is the largest line for most families, but the inventory covers everything. A practical approach by asset type:
| Asset | Typical value evidence |
|---|---|
| Real estate | Certified appraisal as of date of death, deed, tax statement |
| Bank accounts | Statement balance on the date of death |
| Brokerage accounts | Statement showing the date-of-death valuation |
| Business interests | Business valuation by a qualified valuer, financial statements |
| Vehicles | Valuation guide figure or dealer letter |
| Jewelry, art, antiques | Specialist personal property appraisal |
We appraise real estate: residential, multi-family, commercial and land. For a business, fine art or jewelry, bring in the right specialist and coordinate so every figure uses the same effective date.
Costs to expect
There are two separate cost buckets. The first is the Surrogate's filing fees, which are set by statute and listed by each county. As one example, the Cape May County fee schedule lists $100 to probate a will of not more than two pages, plus $5 for each additional page. Check your own county Surrogate for the current schedule.
The second is the appraisal. Our certified estate and date-of-death appraisals for homes run $595 to $850. What moves a report within that range is usually property size, condition, how far back the effective date is, the complexity of the home and the number of properties. Our date of death appraisal cost article explains the fee drivers. Multi-property estates, commercial property and land are quoted individually.
The appraisal fee is typically an estate expense paid from estate funds, so confirm with the estate attorney before engaging anyone.
Our perspective
Most of the estate disputes we see do not start with the law. They start with a number nobody can explain. A sibling asks how the house got valued at that figure, and the executor has only a text message from a broker.
We believe the date-of-death value deserves the same care as any figure a court, a tax examiner or a beneficiary may later question. With more than 26 years of appraisal and real estate experience, including hands-on renovation work, we look at what a buyer would actually have seen: condition, workmanship, layout and the local market on that date. We use professional data sources beyond basic MLS data, and we write each report to USPAP standards.
A clear, well-supported report also tends to make the process calmer. Executors are often grieving and managing family expectations at once, and a documented value takes one argument off the table.
Alek Petreski
Get the value in hand early
If the estate includes New Jersey real estate, order the appraisal soon after letters are granted, well before the eight-month tax deadline. Our certified estate and date-of-death appraisals are prepared for executors, attorneys and CPAs, with court-ready, USPAP-compliant reports for $595 to $850 on standard homes.
Send us the address, the date of death and your attorney's contact, and we can confirm scope and timing. You can also review our executor's checklist for IT-R, Form 706 and court use before you call.
Planning the sale or buyout after valuation
Once you have a value, the next question is usually what to do with the property: keep it, buy out siblings or sell. New Jersey executors can sell estate real property without court approval when the will or circumstances allow, so confirm authority with your attorney first. A documented value gives everyone the same starting point for a buyout price or a listing strategy.
If heirs live in other states, the same logic applies wherever the property sits. Families dealing with selling an inherited house from a distance still start with a supported value, and that is exactly what a date-of-death appraisal provides.
Keep your records together as you go: the appraisal report, the engagement letter, photos, and any tax or deed documents. Our executor's guide to appraisal records lists what to keep. For the wider process, our property appraisal for probate guide covers each stage from letters to distribution.
FAQ
Do I have to file a probate inventory in New Jersey?
Not in every estate. The statute says a personal representative may file one, and must if the court requires it or a family exemption is being set off. The court cannot require it until three months after letters are granted. Ask your attorney or the county Surrogate about your case.
What date should real estate be valued at?
The date of death. New Jersey defines market value as the price a willing buyer would pay a willing seller in an arm's-length sale on that date. The current market and the assessed value are not the measure.
Who can appraise the property for the inventory?
The statute refers to two discreet and impartial persons providing a just appraisal. For real estate, most executors use a state-certified appraiser who prepares a USPAP-compliant report, because it holds up with beneficiaries, attorneys and tax reviewers.
How much does a date-of-death appraisal cost in New Jersey?
Our certified estate and date-of-death appraisals run $595 to $850 for standard homes. Property type, condition, the effective date and the number of properties affect where a report falls. Commercial property and land are priced per assignment.
Can I use the assessed value from the tax bill?
It is not a substitute for a date-of-death market value. Tax statements are useful supporting documents, and the state instructions mention them, but the estimate of market value should come from comparable sales as of the date of death.
Sources
- N.J.S. 3B:16-2, inventory and appraisal
- Estate accounting and inventory requirements in New Jersey
- Judicial accountings in the probate part
- Duties of executor/administrator, Atlantic County Surrogate's Office
- NJ Inheritance Tax IT-R instructions
- NJ Inheritance Tax extension of time to file
- A Guide to Being an Executor, NJ Division of Taxation
- Transfer Inheritance Tax statistical report
- Cape May County Surrogate's fee schedule
Recommended
- Executor's Guide to Appraisal Records: NJ Playbook
- Executors: NJ Probate Appraisal Rules, Statutes, and 8-Month Checklist
- Property appraisal for probate in New Jersey: 2026 guide
- NJ Executors: Appraisal Checklist for IT-R, Form 706, and Court Use
This article is provided for general informational purposes only and does not constitute legal, tax, or financial advice. Real estate appraisal requirements can vary by assignment and intended use. For advice specific to your situation, consult the appropriate legal, tax, or financial professional.