What’s up with the discrepancy in appraisal values for the Butler School District’s vacant elementary schools?

Butler School Board paid nearly $18,000 to have appraisals done on four elementary schools it closed this summer in a districtwide consolidation. Two real estate appraisers conducted independent appraisals of Oakland, Clearfield, Broad Street and Meridian elementary schools.

The intention was to get value estimates before soliciting bids to sell the buildings.

One appraiser, Kyle McCown, set the combined values of the four schools at $1.26 million. The other, David King, appraised them at $1.91 million — more than 50 percent higher.

For their professional services, McCown was paid $9,500 and King was paid $8,400.

Both appraisers have a wealth of experience and are highly respected in their field. McCown, of Dan McCown & Co. Inc., Bridgeville, has 20 years experience as a certified real estate appraiser. King of Nicklas King McConahy and Co., Cranberry Township, has more than 30 years experience and has a distinguished MAI — Member of the Appraisal Institute — designation. He’s a former two-term chairman of the State Board of Real Estate Appraisers.

So it’s disappointing that two experts could vary so greatly on their estimates.

It’s even more disappointing that the board rejected bids from potential buyers of two of the buildings, at least in part because the bids were far less than the appraised values.

The Center for Community Resources bid $150,000 for Broad Street Elementary School.

McCown appraised Broad Street at $335,000; King appraised it at $578,000.

King’s appraisal is 30 percent higher.

Robert Oesterling bid $100,000 for either Oakland or Clearfield elementary.

McCown appraised Oakland at $300,000. King appraised Oakland at $425,000.

That’s a 42 percent difference.

McCown appraised Clearfield at $225,000; King appraised Clearfield at $247,000.

That’s a 10 percent difference.

Appraisals for the remaining school, Meridian Elementary, varied by 40 percent — $400,000 by McCown, $660,000 by King. There were no purchase bids for Meridian.

Is there a reasonable explanation for a 30 percent or 40 percent discrepancy in the appraised values of an elementary school building? What factors did either of the appraisers take into account, or overlook, in setting the value of each building?

More important, does it matter when the only bids received were rejected for being far below the appraised values?

The school board’s tabulation of the appraisals included an average of the two values for each of the schools. The averages seem inadequate when the appraisals vary by as much as one-third.

Maybe the school board, as a matter of principle, should demand what it paid for — an accurate and fair appraisal of the closed schools.

And maybe the appraisers, as a matter of professional pride, should comply. Perhaps as a committee of two they could arrive at more meaningful numbers.

Ultimately, the only property value that matters is the sale price for each building. And given the relative lack of interest in the first bidding process, the values can’t be expected to do anything but decline.