Property tax credit...
 
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Property tax credits one can apply for

 
Alana33
(@alana33)
Expert

Going thru files and came across this, dated 2014.
It may behoove everyone to check on their eligibility for these deductions,
If they're still in existence, what the requirements are and how many you may be eligible for.

Homestead - $400
Veterans -$ 650
Disabled - $500
Senior - $500
Class 1 Inheritance - able to receive 80% credit.
Visitable Home - Certificate of Visitability from DPNR (Act 7320) maximum credit of 20%.
Circuit Breaker - $5000 credit if taxes increased 125% for previous tax year. Gross income must be $135,000.00 or less.
Farmland - doesn't have a amount listed.
Must be 1 acre or more and applied for annually, notarized before Oct. 1 of each year.

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Topic starter Posted : December 16, 2016 1:56 pm
LiquidFluoride
(@LiquidFluoride)
Trusted Member

Farmland - doesn't have a amount listed.
Must be 1 acre or more and applied for annually, notarized before Oct. 1 of each year.

I wonder if you have to be zoned for Ag for that one?

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Posted : December 16, 2016 3:31 pm
Alana33
(@alana33)
Expert

The paperwork I have didn't say.
I wondered the same thing.

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Topic starter Posted : December 16, 2016 4:03 pm
Gumbo
(@Gumbo)
Advanced Member

Farmland - doesn't have a amount listed.
Must be 1 acre or more and applied for annually, notarized before Oct. 1 of each year.

I wonder if you have to be zoned for Ag for that one?

I know someone that has it that is zoned R1.

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Posted : December 17, 2016 8:59 pm
STTsailor
(@STTsailor)
Trusted Member

RE taxes here are very low. It is homeowners insurance that is killing me. I noticed that some homeowners underinsured to keep the premium affordable. My homeowners insurance cost $950 per month on fairly modest house at rather upscale location. There are only 3 companies underwriting in USVI.

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Posted : December 17, 2016 10:48 pm
STTsailor
(@STTsailor)
Trusted Member

Anyone with suggestions concerning HO insurance savings or tricks please PM or post. Thanks.

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Posted : December 17, 2016 10:50 pm
Scubadoo
(@Scubadoo)
Trusted Member

RE taxes here are very low. It is homeowners insurance that is killing me. I noticed that some homeowners underinsured to keep the premium affordable. My homeowners insurance cost $950 per month on fairly modest house at rather upscale location. There are only 3 companies underwriting in USVI.

You must have a nice house:-)

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Posted : December 18, 2016 3:36 am
Scubadoo
(@Scubadoo)
Trusted Member

Anyone with suggestions concerning HO insurance savings or tricks please PM or post. Thanks.

Higher deductible. The biggest piece is probably for windstorm. Doubt there's much else you can easily do about that assuming you already have shutters for 100% of windows/sliders (and use them) and have wind rated doors. Rebuilding the house to current hurricane code is probably not an option.

Can't hurt to ask the agent. My HOA reviews the common policy with the insurance co. every year, gets input on what may be needed to help keep premium down. And premiums have come down each year for past several years. The other thing they do is get a qualified report on actual cost to rebuild from ground up so the policy coverage is accurate (not paying any more premium than needed) and there would be no dispute if we ever needed to make a claim. Remember, your not insuring your land so your policy should only be covering building replacement cost.

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Posted : December 18, 2016 3:44 am
STTsailor
(@STTsailor)
Trusted Member

I have a 60 years old house. Survived all the major ones. Added hurricane shutters. I am sure it must have lost its roof once or twice over the years. I am sure the structure will survive. Roof and solar probably not. Right now I have $5000 deductible. Insurance will not agree to lowering the value.

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Posted : December 20, 2016 3:49 am
Alana33
(@alana33)
Expert

Property taxes should be low.
It's not like the VI Government provides any services in return for your tax dollars.

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Topic starter Posted : December 20, 2016 11:35 am
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