News: Finance

Mass. state senator Thomas Kennedy passes away 6/28

The MBREA is sad to note the passing of Massachusetts state senator Thomas Kennedy on June 28. Senator Tom Kennedy was a strong supporter of the appraisal profession as the result of his friendships with appraisers in his district and MBREA leadership. He was the House Chair of the Joint Committee on Consumer Protection and Professional Licensure and filed legislation on behalf of the MBREA the past several years. His compassionate and intelligent approach to serving constituents and the public will be greatly missed. Senator Kennedy was the lead sponsor of MBREA's bill to have disciplinary actions rescinded that were taken against appraisers who completed every version of USPAP. A highlight of MBREA's relationship with Kennedy was his attendance at the 80th anniversary gala where he was the keynote speaker. Stephen Sousa is the executive vice president of the Mass. Board of Real Estate Appraisers, Boston.
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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
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.
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.