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July 1, 2007
Governor addresses Realtors
Association
Gov. John P. deJongh, Jr. Saturday outlined his administration’s plans to
bring about improvements to the real estate industry in the Virgin
Islands. DeJongh was the keynote speaker at the annual meeting of the
V.I. Territorial Association of Realtors meeting held at Caneel Bay
Resort on St. John.
With the revaluation of all commercial properties completed and
residential properties about 99% done, deJongh told the gathering that
impact notices will go out by July complete with a information on where
questions can be directed. The impact notices will advise property
owners on how their property values were affected by the recent
revaluation project. The governor said that 2006 property tax bills,
which will reflect the revaluation, will be in the mail by the latter
part of this year. The 2007 tax bills will be out in early 2008. Given
the signing of H.R. 57 by President George W. Bush on Friday, the
territory now has the authorization to administer its own property tax
system. “This means that we can now reinstate the many exemptions that
were removed such as homestead, veterans and farmland exemptions,”
deJongh explained. The dollar amounts of the exemptions will also be
increased.
In the wide-ranging address, deJongh also spoke of plans to streamline
the business process, step up effort to recruit more companies to
participate in the EDC program, hire a person to oversee the territory’s
development, implement a bonding program for local builders, address
planning issues in DPNR and hire a city planner for St. John. The
governor entertained questions from the realtors at the end of his
presentation that ranged from affordable housing to plans of the
administration to consolidate all housing functions under the V.I.
Housing Finance Authority. |
