4.2.1.1. Date of Value.The date of value is generally determined by law (or a legal instruction, for the appraiser’s purposes) based on the nature of the acquisition.206

• In most direct acquisitions (such as voluntary purchases), the date of value should be as near as possible to the date of the acquisition—typically the date of the appraiser’s last property inspection.207 

• In “quick-take” condemnations involving a declaration of taking, the date of value is the earlier of (1) the date the United States files a declaration of taking and deposits estimated compensation with the court, or (2) the date the government enters into possession of the property.208 

• In “complaint-only” straight condemnations in which no declaration of taking is filed, the date of value is the date trial commences.209 

• In inverse takings, the date of value is the date of taking, which should be provided by legal counsel.210 

• For property exchanges, the date of value may be set by the parties or established by statute, and should be provided by legal counsel or the appraiser’s client.211 

In each type of acquisition, a property’s market value is to be ascertained as of the appropriate date of value, considering the property as it existed on that date.212 The appraiser must disregard physical changes (such as government construction) as well as changes in market value that occur after the date of value.213 But this does not necessarily prohibit consideration of market data or events that occurred after the date of value: For example, market data after the date of value may be considered for the purpose of corroborating the market expectations or trends that existed on the date of value.214 Sales that occurred after the date of value may be appropriate to consider, as discussed in Section 4.4.2.4.7. And in acquisitions under the Uniform Act, the assignment may instruct the appraiser to consider changes in value due to physical deterioration within the owner’s reasonable control.215