Dear Source:
The fact is that these Property Values were taken in a "real" Real Estate bubble, projecting a further hike in prices. Obviously this trend "reversed" and now we see a huge inventory 297 pieces of Land for sale plus the exclusives that are not in the multiple listings of the brokers!
According to the St John's sales history only 24 parcels of land were sold in 2008 compared to 167 parcels in 2003. For sure an indication of a down trend! It is a clear disadvantage for property owners on St. John to sell their property due to this unfair taxation. Higher taxes keep a lot of potential buyers away to invest elsewhere. People cannot afford to keep the land till they want to retire. A revaluation at the present market conditions would only be fair.
The question is: Will the government be fair to St. John's?
Peter Kobor
Trinidad
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