Massachusetts Chapter of the Appraisal Institute and Massachusetts Association of Assessing Officers hold joint meeting
On Tuesday, September 21st, the Massachusetts Chapter of the Appraisal Institute and the Massachusetts Association of Assessing Officers held a joint business meeting at the Holiday Inn Select in Woburn, Mass. The topic was "A Review of the Assessment Appeal Process and the Role of the Assessor, Appraiser and Attorney."
Pictured (from left) are: Mass. chapter president Bill LaChance MAI SRA of Petersen LaChance; panel moderator, Mike Tarello MAI of Vision Appraisal Technology with panelists Alan Cohen esq M.A.A. city of Newton commercial assistant assessor; Richard Bowen, esq of Kopelman & Paige P.C.; Jim Johnston MAI, SRA of Boston Property Advisors; and Michael Flynn M.A.A. city of Newton, board commercial assessor.
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
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.
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.