What is a "retrospective appraisal" used for?

A retrospective appraisal is specifically designed to estimate the value of a property as of a specific date in the past. This type of appraisal is often required in situations such as legal disputes, estate settlements, or tax assessments where understanding the value at a previous point in time is crucial. The appraisal process involves analyzing historic data and market trends that were relevant during the time period in question, thus allowing the appraiser to provide a well-supported valuation based on evidence from that past date.

The other options focus on different aspects of appraisal work. Estimating the current market value pertains to assessing a property's value based on current market conditions, which differs fundamentally from retrospective analysis. Determining value based on future projections involves forecasting potential growth or change rather than evaluating historical data. Lastly, evaluating the potential change in property value looks forward into the future, which is unrelated to the retrospective focus on historical appraisals.