In Beringer's 17 years with the city it was the first and only time he had ever applied, or was told to apply, investment valuation to a property. Another critic of the appraisal method was John McFaddin, past president of the Inland Northwest Chapter of the Appraisal Institute. A Spokane appraiser for 33 years, McFaddin divides his work between commercial and government clients. McFaddin was stunned and upset by what he heard. I saw no reason for it.
Market value is the norm in the industry.
Almost all appraisals are for market value. To say it's extremely rare to appraise investment value would be an understatement. It's rarer than that. Michael Sprute, another past president of the region's Appraisal Institute chapter, was also present at the meeting and shared McFaddin's reaction. In Sprute's 25 years' experience as an appraiser, he had never before witnessed a municipal or other government entity request something other than a market value appraisal of a property.