PROPERTY TAXES: Levied at 1.25% per $1,000.00 of assessed value of the property. Assessed value is 60% of actual value.
MORTGAGES: Available through banks and lending institutions; including First Bank of Puerto Rico, Antilles Mortgage Company, Banco Popular, & Scotia Bank. Most banks require the buyer to pay for the tile search, title insurance, property appraisal, written certificate of surveyors property, perimeter survey and the bank‘s attorney fees. Second homebuyers can qualify for up to 70% loan to value mortgages.
TITLE INSURANCE: Available and recommended.
TRANSFER TAX (Stamp Tax): There is a sliding scale government transfer tax (stamp tax) on residences and land at closing and is based on the purchase price.
A.) 2% for property valued up to $350,000
B.) 2.5% for property valued from $350,001 to $1,000,000
C.) 3% for property valued from $1,000,001 to $5,000,000
D.) 3.5% for property valued over $5,000,001
WINDSTORM / EARTHQUAKE INSURANCE: About 2% to 3% of property value for masonry/stone, more for wood frame construction.
VI ZONING, BUILDING AND HOUSING LAWS AND REGULATIONS: May be obtained from the office of the Lieutenant Governor, Accounting Section, 18 Konens Gade, St. Thomas VI 00802 Tel. 340-774-2991.
BUILDING SPECS: All new buildings must withstand a minimum wind speed of up to 110mph and zone 4 earthquake provisions.
BUILDING COSTS: From $200.00 a sq. ft. to $450.00 a sq. ft. A VI licensed architect or enginner must sign off on house plans. Building specs may be obtained from Planning and Natural Resources (DPNR) at (340) 774-3320. Permits take 3-6 months for approval.
ELECTRIC: Supplied by underwater cable from St. Thomas . A backup generator is located on island that supplies Cruz Bay only.
WATER: Collected from the roof and stored in a cistern. Required capacity is 10 gal. of cistern for every sq. ft. of roof on single story homes and 15 gal. for a two story home.
TAXES AND BUSINESS INFORMATION: USVI residents taxed on worldwide income according to standard (IRS) tax code. Non-resident US citizens taxed on income from USVI 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 and may not deduct expenses. Ask about IDC and other tax incentives.
DUTY: A maximum of 6% of invoice value of foreign goods, there is no local duty on US made products.
EXCISE TAXES: The range is from 2% to 15% of the net invoice value plus a markup of 5% on items brought into the islands for business use or resale. 1993 government imposed 4% excise tax on imported personal goods (large appliances and furniture) valued at $500.00 or more.
HISTORY: The US government purchased St. John from Denmark in 1917. A Naval governor ruled until 1931 when the Dept. of Interior assumed control. We are an unincorporated territory. Residents of the Virgin Islands vote for a local governor. We cannot vote for president of the United States . We do receive all other benefits awarded the (mainland) United States.
NATIONAL PARK: In 1950 Lawrence Rockefeller purchased more than half the island of St. John from the Dutch West Indies Company, developed Caneel Bay Resort and donated the remaining acreage to the US Government as public park land. Over the years the Park Service has purchased more land. The National Park is 7200 acres of land plus 5650 acres offshore.
LOCATION: The island is 1072 miles East South East of Miami, 47 miles East of Puerto Rico, 3 miles West of St. John. To the North is the Atlantic Ocean, to the South the Caribbean Sea . St. Thomas is 13 miles long and 3 miles wide.
POPULATION: The 2000 census was 48,166. That number is probably up to 55,000.
CLIMATE: The average rainfall is 43 inches, this coming mostly through Sept.-Oct. and May-June. The winter temp. is 77-84 degrees and the summer temp. is 82-93 degrees.
SCHOOLS: The private schools are the same tuitions as on the mainland. Parochial schools are less.
Schools on St. John : Coral Bay to 6th grade and Cruz Bay to 9 th grade (public). St. John School on Gifft Hill, Pre-K to 12th grade (private), St. John Christian Academy Pre-K to 4th grade .
Schools on St. Thomas : There are 4 private schools and 7 religious schools. The University of the Virgin Islands is located on a 175 acre campus with both bachelor and master degree programs.
MAIL: Service provided through the US Postal Service as well as UPS, Fed Ex, DHL and American Airlines.
CELLULAR PHONES: Cellular service is available from Sprint, ATT/Cingular, and Centennial.
INTERNET: Connections can be made through AOL, ATT, Worldnet, CompuServe/AOL, and Virgin Islands Paradise Freenet (free online service). Western Union, World Communications and AT&T provide international telex and telegraphic services.
MEDICAL: Air Service insurance is $260.00 annually for a family. Myrah Keating Smith Clinic on St. John (with helicopter pad) and Roy L. Schneider Hospital on St. Thomas (via ambulance boat).
NEWSPAPERS: The Daily News, The Tradewinds, St. John Sun Times and the St. Croix Avis are the local papers. USA Today, The Wall Street Journal and several US metropolitan and Puerto Rico newspapers are flown in daily.
VEHICLE SHIPPING: From West Palm, FL to St. Thomas costs approximately $1,000. Cars made in the US are duty free, if made outside the US there is a 6% duty, if made with foreign parts there is a 3.5% duty.
MISC: Grocery prices are 25% higher than in the Washington DC area and 20% higher than in Puerto Rico. |