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Insurance: We are in hurricane territory (in case you haven't heard!). While our property taxes are quite low compared to many Stateside communities, our insurance costs are high. You can easily expect to pay in the 5-figure range to insure a home.
Below is a breakdown of stamp taxes present in the U.S. Virgin Islands: 2% for properties valued at $350,000. 2 ½ % for properties valued to the excess of $350,001 to 1 million. 3 % for properties valued to the excess of $1,000,001 to $5 million.
The USVI uses a mirror system of taxation known as the ?mirror code.? Under the mirror code, all the US tax laws are mirrored to the USVI. The US Congress has granted USVI the authority to allow a lowered tax rate to bona fide residents of the USVI. Any income related to a USVI business is also taxed at a lower rate.
Land tax is payable on every acre or part of an acre of land in the territory. House tax is payable on the assessed value of every house in the territory. The combined (Land and House) tax, referred to as Property Tax, is charged to every owner who erects, reconstructs, enlarges or repairs any existing building.
The USVI has its own income tax system based on the same laws and tax rates that apply in the United States. An important factor in USVI taxation is whether, during the entire tax year, you are a bona fide resident of the USVI.
St. Thomas Property Taxes Residential Property Tax Rate for St. Thomas from 2018 to 2023YearMunicipal RateFinal Tax Rate20231.468847%1.621847%20221.434802%1.587802%20211.400190%1.553190%3 more rows
There are no sales taxes in the USVI. There are several other taxes that do apply, however, including the following: Real Property Taxes. Gross Receipts Taxes.