St. Croix Real Estate for Sale, USVI

St. Croix Real Estate and Banking Information

BANKING:

PROPERTY TAXES: Levied at 1.25% / $1,000.00 of assessed value of the property. Assessed value is 60% of actual value. An easier mathematical extrapolation of this formula is 0.75% of the selling price. For more information, please call the V.I. Tax Assessor's Office at (340) 773-6459 for Christiansted properties or (340) 772-3115 for Frederiksted properties.

TITLE INSURANCE: Available and recommended. For more information call Virgin Islands Title & Trust Co (340) 773-0570 or Island Title (340) 773-3930.

TRANSFER TAX (STAMP TAX): All real estate transactions involving residences and/or land sales require a tax, which is based on the purchase price. Please be advised that pursuant to Act No. 6630 (Bill No. 25-0121) effective December 23, 2003, the documentary stamp a/ka transfer stamp tax has been increased as follows:

A) 2% for property valued up to $350,000;
B) 2 1/2% for property valued from $350,001 to $1,000,000;
C) 3% for property valued from $1,000,001 to $$5,000,000; and
D) 3 1/2% for property valued over $5,000,001. This tax is usually paid by the seller at the time of closing.

WINDSTORM/EARTHQUAKE INSURANCE: About 2% -2.65% of insured value or replacement cost for masonry/stone, more for wood frame construction.

ZONING, BUILDING AND HOUSING LAWS AND REGULATIONS: Office of the Lt. Governor, King Street, Christiansted. Telephone 340-773-6459.

BUILDING SPECS: All new buildings must withstand a minimum wind speed of up to 110mph and Zone 4 earthquake provisions. Generally the code follows Miami / Dade counties building codes for hurricanes.

BUILDING COSTS: From $200.00 per sq. ft.

ELECTRIC: Supplied by Virgin Islands Water & Power Authority (WAPA). Their office is located in Estate Diamond cross from the Sunny Isle shopping center. Telephone 340-773-2250 or 340-778-5064. After you have purchased a residence, hooking up your electric is easy...all you need is a photo ID, copy of your deed, $125.00 deposit and a copy of the previous owner's old WAPA bill with their account number on it will expedite the process.

WATER: Mainly rain water collected from the roof and stored in a cistern in most areas. Within city limits you may have access to city water and sewer. Most condominiums have common cisterns and may charge a water fee.

TAXES AND BUSINESS INFORMATION: U.S.V.I. residents taxed on worldwide income according to standard (IRS) code. Non-resident U.S. citizens taxed on income from U.S.V.I. sources only. Corporations have a 10% surcharge on income with the exception of those enjoying investment incentives. Businesses pay 4% gross receipts tax on money earned from all transactions including services. The U.S. Virgin Islands uses the U.S. IRS Tax Code, but the tax dollars are kept locally and filed with the Virgin Islands Bureau of Internal Revenue. Social Security and Unemployment taxes are paid to the U.S. Federal Government. The taxes are at the same rates and use the same forms and rules as the federal income tax under what is called the "mirror system" of taxation.

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