1. (a) Real property acquired by foreclosure or in the satisfaction of debt shall be valued at an amount not to exceed the smaller of the following: Cost plus the cost of capitalized improvements, less normal depreciation, or market value as evidenced by a current appraisal by a competent and qualified appraiser.
2. (b) Real property acquired for investment purposes shall be valued at an amount not to exceed the smaller of the following: Cost plus the cost of capitalized improvements, less normal depreciation, or market value as evidenced by a current appraisal by a competent and qualified appraiser.

All other real property not under contract of sale shall be valued as follows:

History

1. Amendment filed 6-13-68; effective thirtieth day thereafter (Register 68, No. 22).

2. Amendment filed 2-7-69 as an emergency; designated effective 2-7-69 (Register 69, No. 6).