July 22, 2007 — A three-year property tax revaluation project conducted by the Lt. Gov.'s Office is now complete, and notices outlining the new residential and commercial values will be sent out in the upcoming week.
In a press release sent over the weekend, Lt. Gov. Gregory R. Francis explained that the notices are not property tax bills, but rather the end result of the project, which gives the most current information about each property's fair market value.
"I am encouraging all property owners to review the notice carefully, check for any discrepancies and to call or visit the Office of the Tax Assessor within your district with any and all questions," Francis says in the release. "Our employees are ready to assist each taxpayer in resolving any problem with their assigned value."
An information sheet explaining why and how the value was determined will also be included with the notice. Since a property tax rate has not been set for 2006, last year's property tax bills will be sent out at a later date, the release says.
While reviewing the notices, residents should also remain cognizant of the fact that the recent repeal of a 1936 federal law would allow the V.I. government to reinstate certain property tax exemptions and reductions, Francis said.
Sponsored by Delegate Donna M. Christensen, a bill repealing the 1936 law was signed late last month by President George W. Bush, after spending years in Congress. Christensen has described the bill as "timely," giving both the governor and the local Legislature the opportunity to craft provisions designed to temper higher property tax values that could be included in this year's bills (See "Congress Finally Passes V.I. Property-Tax Exemption Law." )
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