May 31, 2005 – Commercial property tax notices for the 2004 tax year were mailed out May 31, according to a press release from Roy Martin, tax assessor.
The release stated that the notices are the first taxes calculated under the property revaluation ordered by the District Court.
"Each commercial property valuation notice will contain the property's new proposed value as well as the old value. The notice will also include the likely tax amount, not taking into account exemptions that may apply to the property," Martin stated.
He also noted the purpose of the notices is "to give taxpayers the opportunity to review the proposed values and to contact the V.I. Property Revaluation office, located adjacent to the Tax Assessors office at the Builders Emporium site, for more information. If errors exist, Property Revaluation staffers will then make an effort to correct them prior to issuance of the 2004 tax year bills in late June."
The release explained that data collectors began visiting business properties and apartment buildings in August of 2004 to begin the court-ordered valuation of properties based on the size, age, condition and other property characteristics. Visits to most commercial properties ended earlier this month.
Martin said, "We are confident the revaluation process will produce more accurate tax bills."
The residential portion of the property revaluation will begin in July. Commercial property owners with questions about their notices should call 776-2S59. St. Croix commercial property owners should call 773-6459.
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