Property Tax Credits Available for 2013 and 2014 Bills PDF Print
For Immediate Release                                    
No. 021-14

April 16, 2014

For More Information Contact:

Shawna K. Richards, Director of Communications
Ph:    (340) 773-6459 ext. 3129
Cell:    (340)642-4778
Fax:    (340)719-3801
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Property Tax Credits Available for 2013 and 2014 Bills

Lieutenant Governor Gregory R. Francis is reminding Virgin Islands property owners who have not previously applied for property tax credits that applications are available to file for property tax credits against their 2013 and 2014 property tax bills.  Property owners of record can apply for the tax credits until May 15, 2014.  Applications for the tax credits can be found online at www.ltg.gov.vi.

In order to be eligible for homestead credits against the 2013 and 2014 property tax bills, a person must be the property owner of record as of January 1 for the applicable tax year.  Property owners may not apply for more than two credits – homestead and any one of the other categories for which they may be eligible.  

Tax credits are available in the following categories:   

1.    General Homestead:  Property owners who occupied the home as their primary residence as of January 1 of the applicable tax year are eligible.  Applicants must show proof of residency by providing a valid United States Virgin Islands driver’s license or voter registration card.   Applicants are also asked to show proof of occupancy by providing a current utility bill.

Maximum tax credit: $400.00

2.    Veterans: Property owners must meet occupancy requirements and have been honorably discharged from the U.S. Armed Services.  Applicants must provide a copy of their DD-214 at the time of filing, in addition to a valid USVI driver’s license or voter registration card.

Maximum tax credit:  $650.00

3.    Seniors:  Property owners must meet occupancy requirements  Applicants are also eligible to claim this credit for properties held by tenants in the entireties, if either spouse is 60 years or older on January 1 of the applicable tax year.    The credit is available only when individual Annual Gross Income (AGI) is less than $30,000 and household AGI does not exceed $50,000.  Applicants are asked to provide a stamped copy of their 2012 or 2013 tax return and proof of age at time of application.

Maximum Tax Credit:  $500.00

4.     Disabled:  Applicants must meet occupancy requirements and be suffering from a disability as determined by the Social Security Administration as of January 1 of the applicable tax year.  Applicants are required to provide documentation from the SSA at time of filing, as well as a stamped copy of their 2012 or 2013 tax return to verify they meet the income requirement.

Maximum Tax Credit:  $500.00

5.    Class 1 Inheritance:  Applicants must be owners of unimproved property of 5.0 acres or less. The property owner must have acquired the property through inheritance.

Tax Credit: Credit equal to 80% of the real property taxes levied until $5,000 or more of improvements are made on said property.

6.    Visitable Home: Available to property owners who hold a Certificate of Visitability issued by the Department of Planning and Natural Resources, pursuant to Act 7320.

Maximum Tax Credit:  Credit equal to 20% of the taxes levied by the Tax Assessor.
 
7.    Tax Credit Circuit Breaker: Will be available to property owners whose property tax bills increased by 125% or more and whose household gross income is less than $135,000.

Maximum Tax Credit: Credit equal to 40% of the real property tax increase for homestead and unimproved property.  Tax credit not to exceed $5,000.00.

Tax credits are also available for Virgin Islands farmers, who are required to obtain certification from the Department of Agriculture.    

Property owners who may be eligible for these tax credits are encouraged to visit the Tax Assessors Office on their respective island or contact the (340) 776-8505 in St. Thomas, 776-6737 on St. John, 773-6459 for Christiansted or 772-3115 for the Frederiksted office.  

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For property tax credits application forms, click here.
 
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