Jan. 9, 2004 – The real estate stamp tax increases enacted last year took effect on Monday, Lt. Gov. Vargrave Richards announced on Friday.
The stamp tax previously was 2 percent of the declared value of all properties transferred. Under the new law, it varies according to the value of the property:
– 2 percent for those valued up to $350,000.
– 2.5 percent for those valued at $350,000 to $1 million.
– 3 percent for those valued at more than $1 million up to $5 million.
– 3.5 percent for those valued at more than $5 million.
More information is available from the Recorder of Deeds offices, which fall under the Office of Lieutenant Governor. Call either of the recorders of deeds — Wilma Hart-Smith on St. Thomas at 774-9906 or Althea Pedro on St. Croix at 773-6449, or send an e-mail to the Recorder of Deeds.
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