Brief Definition
The appraisal date is the specific date when an appraisal is done to determine the value of an asset. It takes into account the current conditions and circumstances that may affect its worth.
Further Explanation
The appraisal date refers to the specific date on which an appraisal or valuation is conducted. It is the point in time at which the value of an asset or property is determined. The appraisal date is important because the value of an asset can change over time due to various factors such as market conditions, economic trends, and specific events that may impact its worth. Therefore, the appraisal date ensures that the valuation reflects the conditions and circumstances prevailing at that specific moment.