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Back Property Taxes

(@Lizard)
Posts: 1842
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:@):@)(tu)

 
Posted : January 25, 2011 10:37 am
 DUN
(@DUN)
Posts: 812
Prominent Member
 

And your doing a fine job at back peddling Linda(unless you want to change that some into many).
Stand by your statements!

Enough of this Linda, if you don't like my posts or anyone elses here, than DON'T READ THEM!
Seems awfully obvious to to me, K:D

 
Posted : January 25, 2011 12:07 pm
(@Alexandra)
Posts: 1428
Noble Member
 

LOL:@) You should read again what I wrote. OH! The credit for the upaid Real Estate Tax is on the RESPA Settlement. A New Lender will not close on a Note unless the tax amount is escrowed.

I DID read what you wrote. The new lender closes on transactions all the time but the back taxes are NEVER escrowed. That amount simply is credited to the buyer on the settlement statement. But that does not protect the lender, as the buyer may choose not to bother paying the tax bills when they are eventually billed.

The whole point of escrow accounts with the lender for paying taxes and insurance bills is to protect the lender's interest in the property, as they have a greater interest to be protected than the buyer who puts down a small percentage of the purchase price..

 
Posted : January 25, 2011 4:46 pm
(@islandjoan)
Posts: 1798
Noble Member
 

When I closed on a condo in 2008, amounts for 2006 and 2007 property taxes were credited to me at closing. It was my assumption that, because these monies were credited to me, that I should pay the property tax bils (for those 2 tax years) when they were issued. I assumed that escrowed amounts (built into my mortgage) would be for 2008 tax year and going forward.

So, when I got the 2006 tax bill (the old owner mailed it to me) I paid it at that moment in time when there was that small window when they were owed, sometime last year, before they reversed the decision again.

Unbeknownst to me, my lender ALSO paid the bill, within a couple of days of my paying the bill! (they paid this out of funds escrowed from my mortgage payments) I didn't think they would pay the bill, since again I had been credited, but they did pay the bill!

It took COUNTLESS calls and faxes to finally get the issue resolved - the Lt. Gov Office/Property Tax office credited the duplicate payment to the parcel's account. I have a record of the credit on their online database. (I say parcel because they won't put me down as the owner until they issue 2008 bills and update my name in the system as the owner)

 
Posted : January 25, 2011 5:09 pm
(@Lizard)
Posts: 1842
Noble Member
 

Alexandra
You're being silly now, I stated that the buyer would get a credit for the unpaid tax., Try to keep up. Don't say never for escrow tax at closing it happens often." If the tax credit is not on the RESPA the Tax would become 1ST lien holder"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 
Posted : January 25, 2011 6:07 pm
(@billd)
Posts: 1085
Noble Member
 

I went down to the tax office the other day on STT. She said that there would MOST likely be two real estate taxes this year. 2007 and 2008. The first would be around March and the second would be in October-November.

In his speech last night our overpaid governor said to our overpaid and over staffed legislator that the legal issues around the real estate taxes had been resolved.

So we will see.

Billd

 
Posted : January 25, 2011 6:39 pm
Jumbie
(@ohiojumbie-2)
Posts: 723
Honorable Member
 

What the gov't says or what the tax office says never seems to happen the way "they said it". I'll believe it when I see it; that we will get a
2007 tax bill "around March" and 2008 tax bill in Oct or Nov this year. If indeed we get 2 RE tax bills in 2011 to recover tax monies owed for 2007 & 2008, I could almost bet that somebody will file a class action suit challenging the legality of it.
.

Jumbie -STX

 
Posted : January 26, 2011 6:57 pm
(@Alexandra)
Posts: 1428
Noble Member
 

there would be nothing illegal about it. The money is already owed for past due taxes. The burden is on the tax payer to save the $$ until the USVI gets around to collecting it. The property owners actually get the benefit of keeping any interest accrued for years and are paying years late without any penalties or interest being owed.

People often file frivolous lawsuits, but that doesn't mean they will get anywhere with their complaint.

 
Posted : January 26, 2011 7:34 pm
(@beachy)
Posts: 631
Honorable Member
 

won't be the first time they've collected 2 years taxes in one year...think perhaps after Hugo, or marilyn...and back in the 90's they used to have tax sales...would run a list of delinquents in the Avis, and each week some of the names would have a line drawn through if they had paid up...

 
Posted : January 26, 2011 8:04 pm
(@Lizard)
Posts: 1842
Noble Member
 

The Revaluation was done in 2006 and reflected the comp sales price of the combined improvement and land costs. The sales price has declined in the past few years. Not so sure that these numbers being billed will hold up on a tax appeal by the individual property owners.:S

 
Posted : January 26, 2011 8:42 pm
(@Juanita)
Posts: 3111
Famed Member
 

The Revaluation was done in 2006 and reflected the comp sales price of the combined improvement and land costs. The sales price has declined in the past few years. Not so sure that these numbers being billed will hold up on a tax appeal by the individual property owners.:S

I thought they threw out all the revaluation and decided to just go with the 1998 rate. Our 2006 bill was the same as our 1998, which was higher than the 2005 bill.

Is there any chance they will offer a discount for going ahead and paying up in full?

 
Posted : January 27, 2011 3:50 am
(@Lizard)
Posts: 1842
Noble Member
 

:@):@) Juanita regarding your discount theory, I would say no (but this is the USVI) so who knows. Also I'M not sure about the finale outcome of the revaluation figures for future application/collections. I believe that the 1998 RE/Tax was a temp fix to bypass the Courts Restraint on collection of the new revalue figures.:S

 
Posted : January 27, 2011 5:54 am
(@east_end_doug)
Posts: 236
Estimable Member
Topic starter
 

AS predicted by the sooth Sayer's on this forum, I got my 2007 property tax bill.The due date is March 15Th. Not much time for a government who waited 4 years to get around to billing.I do have the money in a account.

East End Doug

 
Posted : February 19, 2011 2:29 pm
(@Rivets)
Posts: 79
Trusted Member
 

According to info on Ltg site, bill is supposed to be issued at leAst 60 days before due date, and a 5% credit is supposed to be given if payment is received at least 31 days before due date. Anybody have any info on how this works?

 
Posted : February 19, 2011 3:03 pm
(@stiphy)
Posts: 956
Prominent Member
 

If the Real Estate has a mortgage on it, the lender would have collected and escrowed for the past and present tax dueb

Fwiw, in my case this isn't true. After the government failed to collect in 2007 my lender (Flagstar) sent me a check for the unclaimed escrow money and reduced my escrow downward by that amount for subsequent years. I saved that money for this day knowing that eventually the bill would come in, but I'm sure many didn't take such prudent action.

Sean

 
Posted : February 19, 2011 5:47 pm
(@beachy)
Posts: 631
Honorable Member
 

the part you might have missed is that those are a DRAFT of Proposed rules/procedures...no indication they were ever put into effect. Ms Williams has said, however, that a 12-month payment plan could be worked out, so parts of the proposal have or will go forward.

Interestingly, there has not been any mention of changing the gov't policy on payments by credit card..they have always absorbed the fee. Other jurisdictions where we pay taxes make the payer pick up the cc fee, usually 2 or 3%...

According to info on Ltg site, bill is supposed to be issued at leAst 60 days before due date, and a 5% credit is supposed to be given if payment is received at least 31 days before due date. Anybody have any info on how this works?

 
Posted : February 19, 2011 5:56 pm
(@Lizard)
Posts: 1842
Noble Member
 

If the Real Estate has a mortgage on it, the lender would have collected and escrowed for the past and present tax dueb

Fwiw, in my case this isn't true. After the government failed to collect in 2007 my lender (Flagstar) sent me a check for the unclaimed escrow money and reduced my escrow downward by that amount for subsequent years. I saved that money for this day knowing that eventually the bill would come in, but I'm sure many didn't take such prudent action.

Sean

You owned the house( with the bank via a note and bond) The Bank had already escrowed for 2007 RE/ Tax and returned "Your Escrow deposit to you for the year 2007 " Which makes you 100% liable for the uncollected tax by the VI Administration. That was a bank decision to return your escrow monies that they (the bank) had already collected. Now if you decide not to pay the tax, interest, and penalties they will be on you, not the lender. I would assume the bank made that decision to renew a statute of limitation argument as to the validity of the debt that may arise. The bank giving you full credit/via check starts the clock again.

Cheers

 
Posted : February 19, 2011 6:21 pm
(@stcmike)
Posts: 332
Reputable Member
 

what is the Lt. gov web address that has a link to the property tax info

 
Posted : February 21, 2011 11:24 am
(@mgpilot)
Posts: 171
Estimable Member
 

 
Posted : February 21, 2011 7:00 pm
Jumbie
(@ohiojumbie-2)
Posts: 723
Honorable Member
 

what is the Lt. gov web address that has a link to the property tax info

http://ltg.gov.vi/

Jumbie -STX

 
Posted : February 21, 2011 8:29 pm
(@rick2424)
Posts: 28
Eminent Member
 

I am just closing on a property in STT

I was told by my agent that 2007 will be due 2/2011 and 8/2011 will be 2008 and 2/2012 will be 2009 etc.

They will be catching up the bax taxes every six months until they are caught up.

There was some kind of law suit going on, I was told by my agent.

I'm getting a credit at the sale for the back taxes, but I will have to pay them (2007-current)

 
Posted : February 21, 2011 8:57 pm
(@stcmike)
Posts: 332
Reputable Member
 

thanks Jumbie

 
Posted : February 23, 2011 12:47 am
(@east_end_doug)
Posts: 236
Estimable Member
Topic starter
 

What will the VI government do with all the new found money? Fix roads,repair the sewer system, improve education? Boring...... lets go somewhere and study what to do! We need to send the senators on a fact finding trip to Tahiti or Europe to decide what to do. Sorry I haven't seen any changes with or without our taxes over the past 5 years. We need to make this money do something for the betterment of the Island as a whole,not just a few, as has been the norm for far too long.

Thank you for your attention, I will now get off my soap box .
Doug

 
Posted : February 23, 2011 1:58 am
(@Sauceress)
Posts: 497
Reputable Member
 

http://public.usvi.cavucorp.com/main.asp
Website for tax ino

 
Posted : February 23, 2011 7:37 pm
(@stiphy)
Posts: 956
Prominent Member
 

Thanks Suaceress, interesting info on my property at that site.

Sean

 
Posted : February 24, 2011 1:27 pm
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