Here are the last three property tax credits in the U.S. Virgin Islands, I promised to tell you about in my last blog. these tax credits are a little more interesting. With recent increased assessed values the Circuit Breaker Tax Credit will be of interest to many property owners.
Available to property owners who hold a Certificate of Visitability issued by the Department of Planning & Natural Resources, pursuant to Act 7320.
You must produce the Certificate from the Department of Planning & Natural Resouces.
The maximum tax credit is equal to 20% of the tax levied by the Tax Assessor.
Circuit Breaker Tax Credit
There is a $5000 tax credit available if your property taxes increase over 125% from the previous tax year.
Your gross annual income must be $135,000 or less
You must provide a stamped copy of your past three years tax returnsYou must renew this application annually.
The credit can be applicable to residential or un-improved property
This must be your primary residence if the property is improved.
And a not so unique credit . . .
The property must be 1 acre or more.
You must apply for this credit annually.
Your application must be notarized by October 1, of each year.
Again, I am not a tax advisor, just intrested in everythink that impacts property ownership, tax credits in the U.S. Virgin Islands included.