While the island’s real estate values are reassessed by a group of stateside appraisers, the Office of the Tax Assessor is offering land owners a question-and-answer-formatted Web site for information about the process.
An apparent example of the sort of expertise these consultants from Bearing Point Inc. bring to a party is:
Question, "Will my property taxes go up?"
Answer: "There will be three groups of taxpayers: those whose tax bills will increase, those whose tax bills will remain more or less the same, and those whose tax bills will decrease."
Thanks, we needed that.
The Web site is http://www.vipropertyrevaluation.com/overview.htm
The Office of the Tax Assessor will send agents across the islands in March to reevaluate residential property values territory-wide. Commercial and industrial properties have been studied since last September. A consulting firm, Bearing Point Inc., has been hired to manage the job. Sally Powers, resident manager, said market values will be a prime determinant for valuation, according to the St. John Source. Currently, properties are taxed at 1.25 percent of 60 percent of fair market value. Commercial properly tax bills for 2005 will reflect the new valuations; residential properties will be affected on their 2006 bills.