A historical, cultural or archaeological property which the State Historic Preservation Office has reason to believe may be worthy of preservation may be included in the Virgin Islands Registry of Historic Places on a temporary basis for not more than one (1) year, during which time the office shall investigate the property and make a determination as to whether it may be placed in the Registry permanently. If the property is on private land, the owner shall be immediately notified of the temporary classification. If at the expiration of one (1) year from the time the temporary classification was imposed, the owner is not notified of the office's decision, the temporary classification shall lapse, and shall not be renewed for at least five (5) years.