St. John property owners are bracing for a reality check when their 2010 property tax bills arrive, perhaps in a year or two.
That's because the government plans a territory-wide revaluation of properties, according to an government executive who works with the Office of the Tax Assessor.
Recent tax bills, and even the one to be issued next January for calendar year 2009, have had valuations based on 1998 assessments. Now the government plans to reset values of properties based on their market values which, even though real estate's off substantially from values of five years ago, you can bet they're up from 13 years ago.
In its report of the reassessment story, the St. John Source said the government is preparing a request for proposals for "an updated mass appraisal." Read the full story here.