island-photo-605k.jpgThough bills were sent out for the 2006 Virgin Islands property tax the Court has not yet approved them.  This means you do not have to pay the bills until the Courts says so.   We are, however, suggesting that the bills be paid if the reassessment is at or below fair market value of your property.   Keep in mind that 2007 and 2008 bills have not been issued yet so there may be more than one bill due in a calendar year in the future.  Below is a list of credits that may help those whose taxes have increased a lot. If you would like a form to file for any of these credits please call or E-mail Merry at  340 776-6666  merryvi@aol.com

These credits are as follows:
Homestead Tax Credit: An amount of $400.00 is deducted from the total amount of tax of those taxpayers owning and occupying real property as their primary residence.
Veteran Tax Credit: An amount of $650.00 is deducted from the total amount of tax of any honorably discharged veteran of the United States Armed Forces who owns and occupies real property in the
Virgin Islands as his residence.
Senior Tax Credit: The amount of $500.00 may be deducted from the total amount of tax owed by of persons sixty (60) years and over who have an individual Annual Gross Income of less than $30,000.00 or household income of less than $50,000.00 Disabled Tax Credit: An amount of $500.00 may be deducted from the total amount of tax of property owners who have been found to suffer from a disability as determined by the Social Security Administration and who occupy the property as their primary residence. This credit is granted when individual Annual Gross Income is less than $30,000.00 or household income is less than $50,000.00. Persons interested in applying for the tax credits must file an application with their respective Tax Assessor’s Office no later than April 30 of each year.  The Virgin Islands Code also provides for other credits which can reduce the taxes due: Farmland Tax Credit: Title 33, Chapter 81, Section 2341 through 2350 provides that an amount equal to 95% of the real property tax may be deducted from the tax of any taxpayer on property used actively and solely for agricultural and horticultural purposes.  The property should be located within an area on which agriculture is permitted according to zoning laws. The application must be submitted to the Department of Agriculture before October 1 of each year. Economic Development Tax Credit: Title 29, Chapter 12, Section 713(a) subsection (a) provides that a credit up to 100 percent (as determined by the Economic Development Commission), may be deducted from the tax of any business owning real property in the Virgin Islands and that has received a certificate of exemption from the Virgin Islands Economic Development Commission. Non-Profit Organization Credit: According to Title 33, Chapter 81, Sections 2355 (a) through 2355 (f). An amount equal to the total amount of real property taxes may be deducted from the bill of any real property owned by or held in trust for any non-profit organization. Such property is available to the general public for recreational uses, educational or scientific purposes, historic site or museum location or held for purposes such as preserving open spaces, greenbelt areas, buffer zones or natural preserves. Class 1 Inheritance Tax Credit: Owners of unimproved real property who acquired said property by a Class 1 Inheritance as defined under Title 33 Chapter 1 section 1, but not by gift, purchase, survivorship or otherwise and the real property consists of five acres or less may receive a tax credit equal to 80% of the real property tax levied on the real property. The credit ceases after any improvement of more than $5000.00 is made. Circuit Breaker Tax Credit: If the property taxes of a homestead or unimproved property have increased more than125 percent over the previous year, the property owner may qualify for a credit equal to forty percent (40%) of the real property tax increase for said property up to $5000