State of the Market
- June 4th, 2007
- in Yachting
Money – On 25th April, top league US newspaper USA Today reported house prices across the US were tumbling despite property taxes rising. It is estimated that millions of homes assessed in 2005 and 2006 were given figures way above market value. Will this affect the BVI housing market? We don’t think the effect will knock on in the foreseeable future, as those seeking to buy in the BVI are, in the main, seeking second homes and view their purchases as long term investments.
In the News:
From the BVI Beacon, 02 May 2007:
The Mainsail Resort, Spa and Marina Developers have been informed by Chief Planner Louis Potter that there are still a number of compliance issues to be addressed with regards to the Environmental Impact Assessment report. Of particular note is the recent transplanting of corals and sea grasses to ensure minimum damage to the environment. A compliance letter from Mr. Potter suggested that “the current environmental management is not qualified to carry out all the environmental aspects of the project” and has asked the developers to remedy the situation or be liable for a fine of up to $100,000.
Jonathan McCarthy of VIPM, project manager for the development assures the public that the issues are being resolved and that dialogue with the Government has been positive. He lauds the Government of the BVI for their proactive approach.
From the BVI Government, 7th May 2007:
All property owners within the British Virgin Islands are informed that the Department of Inland Revenue is currently preparing the 2007 Property Tax Assessment Lists for all house and land in the BVI. Property owners who recently completed construction of a new home or building or have completed an extension to an old building are required to contact the Property Tax Section at Inland Revenue at (284) 494-3701 ext 2155 so as to include your home or building on the 2007 Property Tax Assessment Lists.
Property owners are also informed that Tax Officers from the Property Tax Section would be in the West End and Carrot Bay areas from May 7 to 11; and in the Cane Garden Bay areas from May 14 – 18. Property owners in these areas are encouraged to contact the department to have their houses and buildings inspected for the purpose of property tax assessment. Your full cooperation and assistance in providing the officers with the necessary information would be greatly appreciated.