News: Finance

John Patrick 2012

Name: John Patrick Title: Chairman, Conn. Bankers Association (effective mid October) Company: Farmington Bank Location: 32 Main St., Farmington, Conn. 06032 Place of birth and year: Hartford, Conn. - 1958 Family: Wife, Pamela; children, Sarah, John, Emily College: Central Ct. State Univ. - BS in Business First job in finance or allied field: Lock box clerk - Ct. Bank & Trust What do you do now and what are you planning for the future: Continue to get the message out that banks are here to help; provide training & navigate through this economic environment. Also provide economic vitality to the banks we serve. Hobbies: Time with family, golf, ski Favorite book: "Rapid Realignment" by George Labovitz Person you most emulate (outside of family): Bill Ryan (CEO of Bank North Group) Key to success (one idea): Don't take yourself too seriously; have fun at what you do If you were forced to choose another vocation what would it be?: Charter boat captain
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Columns and Thought Leadership
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
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.