Tax Assessorís Office Proposes New Regulations for Timeshare Valuations
For Immediate Release No. 55-09
October 13, 2009
For More Information Contact:
Celeste Lawrence, Press Secretary
Ph: (340) 773-6459 ext. 3115
Fax: (340) 719-3801
Tax Assessor’s Office Proposes New Regulations for Timeshare Valuations
Tax Assessor Bernadette Williams announces that proposed regulations for computing the valuation of timeshare real property in the Virgin Islands is now available for public review for a period of 20 days from today. These rules and regulations are promulgated pursuant to V.I. Code Ann. Tit.33, Section 2404(b).
The rules were formulated in recognition of the many non-real property variables which comprise the purchase price of the timeshare real property, as defined by VI Code Ann. Tit. 33, Section 2301(c)(4). Tax Assessor Williams said the proposed rules were deemed necessary “to allocate between the real property and the non-real property aspects of timeshare real property.”
The general public is urged to review and comment on the proposed rules. They are available for viewing on the Lt. Governor’s website at www.ltg.gov.vi or at the main administrative offices of the Lieutenant Governor located in Government House on St. Croix and on Kongens Gade on St. Thomas. The rules are also available at the Office of the Tax Assessor on all three islands as well as at the Florence Williams Library in Christiansted and the Athalie McFarlane Petersen Library in Frederiksted; the Enid M. Baa Library on St. Thomas and the Elaine Ione Sprauve Library on St. John.