Tax Credits in the U.S. Virgin Islands Continued

By
Real Estate Broker/Owner with Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com 1-16940-1B

 

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.

Visitablilty Home

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 . . .

Farmland Credi

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.   

 

 

 

 

 

 

Comments (6)

David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

The islands are a wonderful place to live and vacation, have fun.

Jan 29, 2015 10:17 PM
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Yes they are David Popoff! Good luck.

Jan 30, 2015 06:59 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Tanya,

What great information about the Virgin Islands when it comes to taxes.  Happy Thursday.  A

Feb 05, 2015 01:52 AM
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Same to you Ron and Alexandra. Thanks for stopping by!

Feb 05, 2015 02:27 AM
Debbie Walsh
Shahar Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

Important information for those looking to own or who may not know the different taxes. 

Feb 11, 2015 11:30 PM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Tanya,

Great post - Tax tips are always helpful, no one wants to pay more to the government than they have to!

Feb 23, 2015 03:04 AM