The value of Blue Tang, our two-bedroom villa overlooking Great Cruz Bay, has increased 500%, according to the Territory-wide revaluation project. We’re not alone in seeing a stupendous increase.
A three-bedroom Chocolate Hole property owned by a friend, had its assessment increase 1,100%; another’s value was raised 550%. The assessment on a house we sold at Reef Bay increased almost 500%.
Sally Powers of the Bearing Point consulting firm which oversaw the project, told the St. John Source the islands’ overall increase in valuations was about 85%. However, St. John properties are clearly showing the hugest (is that a word?) gains.
One property owner on St. Thomas saw her assessment fall, the Source
reported. On St. Croix, many older properties are also being valued at
lesser rates. But newer projects are seeing big increases, too. A
real estate agent on St. Croix told the Source, "These people will go ballistic."
There is a Web site where you can review assessments and property
data. It can give property owners a reason to appeal. For instance if
the VI thinks you have three bedrooms and you only have one. The site
is http://www.vipropertyrevaluation.com/. (It is not easy to use and it requires Internet Explorer.)
The Tax Assessor’s office said it would like all revaluation appeals to be filed by Aug. 17. The St. John office number is 340-776-6737.