(1) The Lieutenant Governor, on behalf of the Government of the United States Virgin Islands, is authorized to accept real property in lieu of the payment of, or to satisfy a debt resulting from the non-payment of real property taxes owed to the Government.
(2) Upon written request by a taxpayer, the Tax Assessor shall, upon actual view, value and appraise each property offered to the Government under subsection (a) of this section. 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 for purposes of appraising the property. The method of appraisal and factors to be considered shall be pursuant to sections 2403 and 2404 of this title. Upon completion of each appraisal, the Tax Assessor shall prepare a written statement of the market value of the real property, including a listing of all alienation of the property subject to taxation and all liens against the property, accompanied by a comprehensive statement of the unit prices or factors included or the method used in the computation of the total value, and promptly transmit it to the Lieutenant Governor. The taxpayer shall bear all costs associated with the appraisal.
(3) No real property shall be accepted for a less amount than the outstanding taxes, plus penalties and costs. Notwithstanding Title 31, chapter 23, the Lieutenant Governor shall accept the real property in the name of the Government of the United States Virgin Islands in the amount of the outstanding taxes, plus penalties and costs, although the appraised market value of the property may exceed such amount. If after appraisal, the value of the real property to be accepted in lieu of the payment of property taxes exceeds the property tax, penalties and costs due, the taxpayer shall have the difference in value credited towards any current or future property tax obligation owed the Government.
(4) No acceptance of real property under this section shall be effective unless first approved by the Legislature's Committee on Housing Parks and Recreation; provided, however, if the Legislature's Committee on Housing Parks and Recreation has not acted to disapprove such acceptance within thirty (30) working days after receipt thereof, the acceptance shall be deemed approved and ratified.
(5) The Tax Assessor and Lieutenant Governor of the Office of the Lieutenant Governor, shall promulgate such rules and regulations as may be necessary to carry out the provisions of this section in a prompt, fair and efficient manner; except that any costs associated with the exchange of real property by a taxpayer to satisfy an outstanding real property tax obligation shall be borne by the taxpayer.
(6) Any real property accepted by the Government pursuant to this section shall be conveyed and used by the Housing Finance Authority to provide affordable housing and home ownership, as provided under title 21, of this Code or by the Department of Housing, Parks and Recreation for development of recreational facilities, including car racing tracks.