(a) The proceeds of this tax and the taxes upon property heretofore levied under any tax law, including all surcharges, shall be covered into the general fund of the treasury of the Virgin Islands.
(b) Notwithstanding the provisions of subsection (a) of this section, in addition to any other deposits that may be required by law, there shall be deposited from the proceeds of this tax $3,000,000 in the fiscal year ending September 30, 1986 and $1,500,000 in each fiscal year thereafter into the St. John Capital Improvements Fund created by section 3057 of this title.
(c) Notwithstanding the provision of subsection (a) of this section and, after making the deposit required by subsection (b) of this section and any other deposits that may be required by law, the property taxes, if any, arising from the levies upon taxable real property in the United States Virgin Islands consisting of affordable housing units provided pursuant to this act shall be allocated as follows:
(1) that portion of taxes levied upon each taxable lot, block, tract or parcel of real property which is developed under and pursuant to the program which is attributable to the “initial assessed value” of each such taxable lot, block, tract or parcel shall be allocated to and when collected shall be deposited by the Lieutenant Governor into the General Fund of the Treasury of the United States Virgin Islands.
(2) that portion, if any, of such taxes which is attributable to the increase in the assessed value of each taxable lot, block, tract or parcel of real property which is developed under and pursuant to the program over and above the “initial assessed value” of such property (the “tax increment”) shall be allocated to and when collected shall be deposited by the Lieutenant Governor to the Housing Trust Fund established pursuant to section 3074 of this title and applied as herein provided.
The Tax Assessor shall determine, to the best of his ability, the assessed value, as of March 1, 1990, of each lot, block, tract or parcel of real property in the United States Virgin Islands which is developed under and pursuant to the program, and the value so ascertained shall be the “initial assessed value” of each such lot, block, tract or parcel of real property. The Lieutenant Governor shall thereafter be required to determine the tax increment resulting from positive increases in the assessed value of each such lot, tract, block, or parcel over and above the initial assessed value of each such piece of real property in order to ascertain the amount of taxes to be credited to the Housing Trust Fund. The tax increment in each year over and above the taxes attributable to the initial assessed value of such property shall be deposited in the Housing Trust Fund not later than twenty (20) days after the collection thereof by the Lieutenant Governor.