That is the headline from Friday’s Virgin Islands Daily News. The VI Legislature passed a bill to establish a new territorial property tax structure Thursday night with a 10-4 vote. The gist of the bill is a generous reduction in property tax rates. For example, the rate on residential real estate (homes) will be reduced to half the previous rate: from 0.75% to 0.38% of its value. That’s the good news. The bad news is that there was little mention of a plan to correct the property revaluation process that has resulted in as much as 1000% increases in the values of some properties on St. John (see my entry from January 22). According to the Lieutenant Governor’s office, property values have been updated as of February 6 to “reflect revised property values resulting from the informal hearings appeal process as well as 2006 property values.” The beat goes on…..
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