News: Finance

Board of directors at Essex Savings Bank name Gibble chairman

The board of directors of Essex Savings Bank elected Kenneth Gibble of Old Saybrook to chairman of the bank. Gibble was elected trustee in 1984 and elected director in 1992. He received a bachelor gegree of Architectural Engineering from Pennsylvania State University in 1961. He then served as a naval officer at the Underwater Swimmers School. This was followed by graduate studies in Engineering and Human Resources. He is chairman of Gibble Norden Champion Brown Consulting Engineers, Inc.; a principal of Cornerstone Consultants, LLC; a mediator for construction disputes; and a lecturer at Yale University. Essex Savings Bank is a FDIC insured, state chartered, mutual savings bank established in 1851. Essex has offices in Essex (2), Old Saybrook and Old Lyme. A new branch in Madison with offices for Essex Financial Services will be opening this fall. Essex Financial Services, Inc. is a member of FINRA, SIPC and is a subsidiary of Essex Savings Bank.
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Columns and Thought Leadership
Are appraisers on the same page as the assessor? - by Richard Seman

Are appraisers on the same page as the assessor? - by Richard Seman

The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
The focus on price per s/f compared to the  comparable sales used in the appraisal report - by Dennis Chanski

The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski

Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Massachusetts real estate transfers  over $1 million face new tax rules as of November 1st - by Daniel Meyer

Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer

Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property