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Roach Reminds Property Owners, March 1 is Deadline to Apply for Tax Credits

The deadline to apply for property tax credits against their 2024 property tax bills is March 1, Lt. Gov. Tregenza A. Roach reminded property owners on Wednesday.

Applications can be found online at ltg.gov.vi and at the Offices of the Tax Assessor on St. Thomas, St. Croix, and St. John.

To be eligible for Homestead credits against the 2024 property tax bill, a person must be the property owner of record within the period of Jan. 2, 2023, through Jan. 1, 2024 for the 2024 tax year. Property owners may apply for no more than two credits, including General Homestead and one other.

Tax credits are available in the following categories:

  1. General Homestead: Property owners who occupied the home as their primary residence as of Jan. 1 of the applicable tax year are eligible. Applicants must show proof of residency by providing a valid U.S. Virgin Islands driver’s license or voter registration card. Applicants are also asked to show proof of occupancy by providing a current utility bill, a stamped copy with Social Security redacted Bureau of Internal revenue stamped 2022 or 2023 Income Tax Return. Maximum tax credit: $400
  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
  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 Jan. 1 of the applicable tax year. The credit is available only when individual Annual Gross Income is less than $30,000 and household Annual Gross Income does not exceed $50,000. Applicants are asked to provide a stamped copy of their 2022 or 2023 tax return and proof of age at time of application. Maximum Tax Credit: $500
  4. Disabled: Applicants must meet occupancy requirements and be suffering from a disability as determined by the Social Security Administration as of Jan. 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 2022 or 2023 income tax return to verify they do meet the income requirement of Act 6991 Sec. 2 (4) (A). Maximum Tax Credit: $500
  5. Class 1 Inheritance: Applicants must be owners of unimproved property of 5 acres or less. The property owner must have acquired the property through inheritance. Tax Credit: Credit equal to 80 percent 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 for a 10-year period unless title to the real property is conveyed to another taxpayer. Maximum Tax Credit: Credit equal to 20 percent of the taxes levied by the Tax Assessor.

Tax credits are also available for Virgin Islands farmers, who are required to obtain certification from the Department of Agriculture by October 1, (2023), of the calendar year preceding the year for which they are seeking benefits (2024).

Property owners are reminded that they are still required by law to pay a minimum property tax of $180. Property owners who may be eligible for these tax credits are encouraged to contact the Tax Assessor’s Office on St. Thomas/St. John at 340-774-2991 or St. Croix at 340-773-6449.

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