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
How many of you remember real estate development in the late 1980s? Project sourcing was difficult, until it wasn’t. Into the 90’s, a few years after, banks and other financial institutions were very happy to fund projects.
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
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
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.
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.