The horrific real estate revaluation of a few years ago is dead. So said Bernadette Williams, the VI Tax Assessor, during a legislative hearing last week.
Credit the V.I. Unity Day Group for keeping the pressure on to push for Senate action to reduce St. John property values. Villa renters should also be pleased since it means owners' annual expenses will not, overnight, rise thousands of dollars a year.
Locals and off-islanders alike were shocked by the revaluation done by Bearing Point, a consulting firm.
In one case cited at the hearing, a property had been valued at $40,000. After the revaluation, it was assessed at $1.7 million.
In its report about the hearing, the Virgin Islands Daily News reported the Assessor said tax bills for for 2006 through 2009 will be issued at the 1998 property values. The tax bill for 2008 is expected to arrive in mailboxes next month. The 2009 bill will be issued next year. The bill for 2010 will be based on the revaluation yet to be done, according to the Daily News story.
So, those of you who believe the VI government can act efficiently and get this job done soon, you can start saving for that tax day.
Or not.