Name: Mike Tarello, MAI, ASA, MRA
Title: President, Mass. Chapter of the Appraisal Institute
Company: Vision Appraisal
Location: 44 Bearfoot Rd., Northboro, MA 01532
Birthplace and year: Cambridge, Mass., 1961
Family: Wife, Laura; children: Ryan and Ashley
College: University of Massachusetts, BS in Hotel Management; Western New England College, MBA with a concentration in Information Systems
First job outside of appraisal: Beverage manager and wine steward at the Harvard Club
First job in appraisal or allied field: Fee appraiser for Cameron Bishop Appraisal
What do you do now and what are you planning for the future? As president of Mass. Chapter AI, I plan to continue alliances with other groups through meetings and the sharing of information, produce education courses and seminars for members, get associate members designated, expand membership, promote quality standards in appraisal practice for all of our members.
Person you admire most (outside of family): Tony Amassa
Keys to success: Be passionate about something; be persistent
If you had to choose another vocation what would it be? Golfer
Over the last three to four decades, many successful real estate developers, sponsors, syndicators and operators have built substantial portfolios of commercial real estate using high-net-worth investor capital. Through careful acquisitions, development expertise, market appreciation and operational oversight, these sponsors have amassed portfolios worth tens or even hundreds of millions of dollars.
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.
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