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Friday, January 27, 2023

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Property Values

Dear Source:
Aw gee folks on St John are upset about their property values going up and being taxed to high heaven! Surprised? Gosh when the bankers and the realtors where having their way and the property values were going up, all the pigs were at the trough developing and selling, developing and selling etc. And those folks lucky enough to own property were cashing in, whoa wasn't St John Great? Could make a lot of money on St. John, get those natives out of their hovels and flip em for millions, wow ain't this great? Your house value went from 49k to 600k, instant money. Guess you all forgot about the primary function of a house, it's shelter dummy! And you ain't going to have any when they sell your house for taxes or foreclose because you paid too much and now the house isn't worth what you paid for it. Oops, I got a few months ahead of myself, guess the housing bust hasn't hit there yet. That's the sound of the other shoe dropping, the devaluation of the housing stock that is now going on all over the states. Oh that's right the Virgin Islands are immune to that right? So you will soon be paying taxes that will be based on fantasy valuations, so that you won't be able to afford your taxes or your mortgage. All of this just because you all wanted to ride in the speculators/developers car. The whole damn country is feeling the pain and yours is just beginning. Bankers, Realtors, and tax consultants are your true enemies! They have screwed you royally, they and your greed!
Hugh Magbie
Warren, Maine

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