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STT property taxes

LoveUSVI
May 25, 2017 08:07PM

Registered: 2 years ago
Posts: 28

Hello everybody.

When the real estate taxes were reappraised some three years go, my taxes on empty lots more than doubled. I contested the results in what is called an informal request and got a small reduction. The value of my property is very clear since i bought at the time of the re-evaluation (so my property value is what I paid for the property). I am told that the only solution now is to apply for a formal request.

Anyone has experience with this or know of an accountant or lawyer experienced on this?

Thanks.

Re: STT property taxes
avatar

Exit Zero
May 25, 2017 09:23PM

Registered: 10 years ago
Posts: 2,232

Not sure what the question is --" why did my taxes double?" or "what can I do?"
You could have your property appraised at current value if you feel the value of the vacant land has dropped considerably - I don't think an attorney or accountant is needed for any 'formal' request -- if the surrounding lots have sold or homes in the area have been built since you purchased the land it may have increased the value of your vacant property and the taxes.
It is not very clear that your property value is still what you paid for it --- for example:
Vacant land that now abuts multi million $$ new villas that were built since you purchased your lots have caused significant increases in value.
That is the whole idea behind re-appraisals by the Govt. which are mandated at intervals anyway. Taxes weren't re-appraised and increased, properties and their current values were.



Edited 1 time(s). Last edit at 05/25/2017 09:27PM by Exit Zero.

Re: STT property taxes

Juanita
May 27, 2017 02:36PM

Registered: 11 years ago
Posts: 3,107

I filed a formal appeal, too. It stretched on for so long, we actually sold part of the property prior to getting a re-evaluation. We had to go ahead and pay the higher amount, in order to close the sale. The very nice ladies at the tax office on STX explained to me that my property value had not increased that much, but my taxes had been undervalued for quite a few years. They were just catching up.....who knows??? But, the value they listed was right in line with the actual value.

Juanita

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