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HomeNewsArchivesPRIVATE PROPERTY TO BE ASSESSED EVERY 5 YEARS

PRIVATE PROPERTY TO BE ASSESSED EVERY 5 YEARS

June 18, 2001 – One amendment to the bill allocating salary step increases for government workers that was approved by the Legislature in special session on Friday will have the effect of restricting increases in personal property taxes.
The measure provides for the Tax Assessor's Office to reassess non-commercial property every five years, instead of every other year, as is now the case.
At present, Sen. Almando "Rocky" Liburd said in a release, the assessment of non-commercial property that has not been improved since the last valuation can be increased by up to 10 percent every two years. Under the new measure, the 10 percent cap remains but the increase can occur only once in five years.
Property tax in the Virgin Islands is calculated as 1.25 percent of assessed value, with assessed value defined by statute as 60 percent of actual value. There are homestead and veterans' exemptions for personal property.
Noting that a commission authorized by the Legislature is studying various tax issues, the release said Liburd expects "there will be more action taken on property taxes and other tax issues over this legislative term." He said such measures are needed to assist local property owners in holding on to their land, and that he is committed "to doing everything possible to assist Virgin Islands residents in obtaining and keeping their piece of the rock."

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