Equity Investment Corp. v. Government of the Virgin Islands

MEMORANDUM OPINION AND JUDGMENT

In May 1979, the petitioner in this case, Equity, purchased approximately 189 acres of land in Estates Barren Spot and Strawberry Hill, St. Croix, for $322,000, in an arms length transaction. It is fair to say that Equity was very pleased with the purchase of this prime land in mid-island at that price. That pleasure turned to dismay, however, when the 1978 and 1979 real property tax assessments were published. For property tax purposes, the 189 acres were assessed in 1978 for $939,204 and in 1979, for $1,038,175.1 Property taxes based on these assessments were…