Every villa owner is waiting to find out what the government does with its new property revaluation data. With the island’s estimated assessments rising by factors of 2 to 10, many fear their tax bills could climb accordingly.
Maybe not, according to a report in the Virgin Islands Daily News.
Nathan Simmonds, a senior policy adviser to the Governor, told the V.I. Senate that while the average property value, on all three islands, rose 60%. Realizing that boosting tax bills that much could cause "undue hardship," he said the government intends to tax only 30% of the increase in property value.
My thinking is informed by this Daily News report. Do your own calculation. Your mileage may vary.
Simmonds said the new tax bills will be mailed by November.