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My family and I are planning on moving to STT very soon. However, here in the states we have yearly taxes on our home. Do home owners pay yearly taxes on their properties on STT as well? Also, if anyone knows, how do they compare to the states taxes? Also, what percentage of tax do the islanders pay on goods purchased on island?
Posted : April 13, 2005 1:57 pm
Good morning, Liva...
Property taxes here on STX are low. We have about a third of an acre of land, and our annual, property tax is under $700 per year. The pricey item is homeowner's insurance with hurricane coverage. A good rule of thumb is to plan on paying between 3% and 5% of the replacement value of your home to cover your house and belongings -- use $175 per sq. foot to get a rough estimate of what it would cost to rebuild using standard materials.
There is no sales tax on goods purchased on island. For most items that are purchased elsewhere and then shipped to the USVI, you will pay a 4% excise tax on the value of the goods that exceeds $1000. This excise tax is also assessed on your car if you bring it with you, and we were told that it was extended to cover the personal belongings you bring when you move. However, I haven't heard yet of anyone who has had the tax collector issue them a excise tax bill when they picked up the belongings they shipped down here.
Hope that info helps!
HipCrip
Posted : April 13, 2005 2:23 pm
Property taxes are calculated as 1.25% of 60% of the TMV (which is typically the amount you purchased the home for).
Posted : April 13, 2005 2:32 pm