st. john us virgin islands real estate listings

BUILDING | EDC | HISTORY | INSURANCE | LOCATION | MAIL SERVICE | MEDICAL SERVICES
MORTGAGES | NATIONAL PARK | SCHOOLS | TAXES | TELECOMMUNICATIONS | UTILITIES

VALUABLE INFORMATION ABOUT ST. JOHN

BUILDING ON ST JOHN:

Virgin Islands zoning, building & housing laws & regulations may be obtained from the Office of the Lieutenant Governor, accounting section, 18 Kongens Gade, St. Thomas 00802, (340) 774-2991.

Building specifications can be obtained from the Department of Planning and Natural Resources (DPNR) (340) 774-3320.

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EDC: www.usvieda.org

The Virgin Islands has a unique program to encourage and retain business investment in the territory-the Economic Development Commission. Simply, the Virgin Islands are allowed to give certain tax breaks to businesses that comply with specific rules and guidelines. The EDC program grants long-term tax exemptions in exchange for investment in the territory.

Ask us for a brief summary of Eligible Businesses and Requirements for Granting Benefits and how your company can apply for 100% Exemption from the following taxes;

Real Property Taxes on real property used in business
Gross Receipts Taxes (tax on gross revenue)
Excise Tax on building materials, tools, etc used in construction, alteration, reconstruction or extension of business premises.

And Reduction of tax liability as follows;

90% on income taxes on qualified business income
1% Customs Duty on raw materials and component parts used in industrial and manufacturing processing.

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HISTORY OF ST JOHN:

The U. S. Government purchased St. John from Denmark in 1917. Naval governor ruled until 1931 when the U.S. Dept. of the Interior assumed control. We are an unincorporated territory. Residents of the Virgin Islands vote for a local Governor. We cannot vote for the President of the United States. However, we do receive all other benefits awarded the (mainland) United States.

St. John Historical Society

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INSURANCE:

Although not required, title insurance is available and recommended. Full Homeowner's insurance coverage including Windstorm/Earthquake insurance is about 2%-3% of replacement value for masonry/stone (wood frame may be higher).

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LOCATION:

St. John is located…

1075 mi. East/Southeast of Miami
50 mi. East of Puerto Rico
3 mi. East of St. Thomas

St. John is 19 sq. miles – 9 miles long x 2 miles wide

Highest Elevation: Bordeaux Mountain 1,277’

Population 1990 census: St. John 4,200 +/- / St. Thomas – 48,166 +/-

Climate: Average rain fall – 43” Sept-Oct & May-June

Winter temperatures – 77 – 84 degrees
Summer temperatures – 82 - 90 degrees

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MAIL SERVICE ON ST JOHN:

U S Postal Service, DHL, UPS, Sprint Courier, Federal Express

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MEDICAL SERVICES:

St. John:
St. Thomas:

Myrah Keating-Smith Clinic on St. John plus several private physicians.
Roy L. Schneider Hospital

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MORTGAGES ON ST JOHN:

Mortgages are available through banks and lending institutions, including First Bank, Bank of Nova Scotia and Merrill Lynch. Most banks require the Buyer to pay for a title search, title insurance, property appraisal, surveyor’s certificate and report, survey and bank attorney fees. Second home buyers can qualify for at least 70% loan to value mortgages and some sellers will offer owner financing. We will gladly prepare an amortization schedule for you.

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US VIRGIN ISLANDS NATIONAL PARK:

In 1950 Mr. Lawrence Rockefeller purchased extensive holdings on St. John from the Danish West Indies Company, developed Caneel Bay Resort and donated remaining acreage to the U.S. Government as public park and Congress formed the VI National Park.

The Virgin Islands National Park is 7200 acres of land plus 5650 acres of underwater holdings.

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USVI SCHOOLS:

St. John:

Coral Bay to 6th grade (public)
Cruz Bay to 9th grade (public)
The St. John School on Gifft Hill Pre K - 12th grade (private) www.thestjohnschool.org
The St. John Christian Academy K - 3rd grade (private)
St. John School of the Arts

St. Thomas:

2 private schools & 7 religious affiliated schools

Antilles School - Pre K - 12th grade (private)
University of the Virgin Islands-175 acre campus offering both bachelor & master degree programs

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TAXES IN THE VI:

PROPERTY TAXES:

In 2008 the VI Legislature approved and the Governor signed into law a new property tax system including the following mil rates:

Land: Unimproved non-commercial real property taxed at .004946
Homes: Residential real property, taxed at .003770
Commercial: Commercial real property taxed at .007110
Timeshares: Timeshares taxed at .014070

This is the new VI Government formula for calculating the property taxes on various property types. However, the part which is not finalized involves the new property values which have been assigned recently by VI Tax Assessor and its subcontractor Bearing Point.

It is also unclear at this time when tax bills for 2006 and 2007 will be issued and what value will be used to calculate them because the U.S District Court of the Virgin Islands must first lift an existing injunction to allow 2006 taxes to be collected at the new values and new tax rates. There may be a final ruling by the judge by mid-May. However, this decision has already been postponed a couple of times. This picture is further complicated by the filing of a lawsuit challenging the methods used and the results of the revaluation effort. Our goal as Realtors is to express to sellers and buyers, to the best of our ability, the complicated nature of this subject at the moment.

An important source for valuation information on each parcel can be found at www.VIPropertyRevaluation.com. You can arrive at an estimate for property tax using the valuation amount with the appropriate mill rate as stated above.

The SJBOR will do its best to keep you accurately informed of new developments or final decisions made by the judiciary and the VI Government.

DOCUMENTARY STAMPS:

All transactions require documentary stamp (transfer stamp tax) on all real estate sales and can be paid by the Buyer or Seller.

2% for property valued up to $350,000
2.5% for property valued from $350,001 to $1,000,000
3% for property valued from $1,000,001 to $5,000,000
3.5% for property valued over $5,000,001

Income taxes are the same as U.S. Federal taxes.
No state or city taxes.
GROSS RESEIPTS TAX: Businesses pay 4% gross receipts tax on gross money earned from all transactions including services.

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TELECOMMUNICATIONS:

Internet connection through AOL, ATT Global, VI Access, WorldNet, CompuServe offering dial-up, wireless & satellite services. There are numerous cyber cafes and the St. John Library offering internet access.

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UTILITIES:

Electric is supplied by underwater cable from St. Thomas with a back-up generator on St. John.

Rain water is collected from the roof and stored in cisterns. Water is available for purchase from the desalination plant at a cost of about $150 for 3,000 gallons.

Required cistern capacity is 10 gallons of cistern storage for every square foot of roof on single story home, 15 gallons for a 2-story home.

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BUILDING | EDC | HISTORY | INSURANCE | LOCATION | MAIL SERVICE | MEDICAL SERVICES MORTGAGES | NATIONAL PARK | SCHOOLS | TAXES | TELECOMMUNICATIONS | UTILITIES

VALUABLE INFORMATION ABOUT ST. JOHN

BUILDING ON ST JOHN:

EDC: www.usvieda.org

HISTORY OF ST JOHN:

INSURANCE:

LOCATION:

MAIL SERVICE ON ST JOHN:

MEDICAL SERVICES:

MORTGAGES ON ST JOHN:

US VIRGIN ISLANDS NATIONAL PARK:

USVI SCHOOLS:

TAXES IN THE VI:

TELECOMMUNICATIONS:

UTILITIES:

BUILDING | EDC | HISTORY | INSURANCE | LOCATION | MAIL SERVICE | MEDICAL SERVICES
MORTGAGES | NATIONAL PARK | SCHOOLS | TAXES | TELECOMMUNICATIONS | UTILITIES