A do-over for real estate values

Published reports quote government officials saying villa owners – and everybody else with a stake in real estate in the territory – can expect some new numbers within a week or so. They may mean lower tax bills.  Or not.

It’s said that Bearing Point, which conducted a review of all properties on the three islands, has been dealing with hundreds of complaints and appeals, a reported 660 on St. John alone.  Bearing Point has reviewed some of its work, and some of the properties, and is going to issue re-revaluations within a week or two.

Even though some valuations may be reduced, the question of what will happen to property taxes is still open.  The Governor and the Senate have failed to reach agreement on new property tax rates, while the Senate approved a budget for the year which spends $10 million more than the total of previous property tax payments.  In other words,  the politicians have decided to spend even more than they expect to collect.

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