What is referred to when developing an opinion of value of a property as of a future date?

When developing an opinion of value of a property as of a future date, the term used is prospective appraisal. This type of appraisal is focused on estimating the value of a property at a specified date in the future, considering factors like market trends, expected developments, and economic conditions that could impact the property’s value.

Prospective appraisals are important in various scenarios, such as when lenders want to assess the future value for financing projects, or when investors seek insights into potential property valuation as market conditions change.

In contrast, current appraisals assess the property's value as of the present date, market appraisals focus on typical values based on current market conditions, and retrospective appraisals evaluate the property’s value as of a date in the past. Therefore, each of these other types of appraisals serves different purposes and timelines, but none specifically address the concept of predicting future value, which is the essence of a prospective appraisal.