(a) The tax assessor shall once every five (5) years, upon actual view, value and assess all residential real property as defined in Section 2301(c)(2) of this title subject to taxation in the Virgin Islands.
(1) If, as a result of a reassessment, the amount of real property tax for a homestead or unimproved property increases over 125% from the previous year's real property tax for the homestead or unimproved property, and the household income of the property owner is less than $135,000, the property owner shall receive a tax credit equal to 40% of the real property tax increase for the homestead or unimproved property, but the tax credit may not exceed $5,000.
(b) The tax assessor shall at least once every five years, in accordance with the standards established in section 2404, upon actual view, value and assess all commercial property subject to taxation in the Virgin Islands. For purposes of this chapter “commercial property” shall mean real property owned by a person primarily for the income producing capabilities of such property including residential buildings with 5 or more units as defined in 29 V.I.C. § 332.
(c) The Tax Assessor shall have access to the records of the Recorder of Deeds, the Commissioner of Public Works, or any other officer of the Government of the United States Virgin Islands, and shall list all alienations of the property subject to taxation and shall perform such duties as may be required by law.
(d) The Tax Assessor shall, for all properties subject to taxation under the provisions of this section and connected to the public sewer system, determine the use or uses of said property to provide records which permit the implementation of Title 19, section 1534, Virgin Islands Code, and shall annually assess each owner of property which contains sanitary or other facilities connected to the public sewer system in accordance with the provisions of section 1534.
(e) The Tax Assessor shall grant to each owner of real property located within the historical districts of Christiansted, Frederiksted and Charlotte Amalie a real property tax credit equal to 50 percent of the property tax assessment for the past two assessment years if the owner develops or improves the real property and the value of the development or improvement is more than $50,000. No property owner is eligible to receive this benefit until the Historic Preservation Commission certifies that the development or improvement is consistent with the Secretary of the Interior's standards for rehabilitation of historical structures.