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Propery Tax Credits Are Clarified

May 9, 2008 – The public is advised of changes to the application requirements for property tax credits, formerly known as exemptions. These changes clarify the income restrictions for disabled persons applying for property tax credits, and also ensure compliance with residency requirements for homestead exemptions, according to a press release from Lieutentant Governor Gregory R. Francis.
Property owners applying in the general homestead category will now be required to provide a stamped copy of their 2006 tax return as proof of residency. Property owners who occupied the home as their primary residence as of Jan. 1, 2007 are eligible. Applicants are also required to provide a valid United States Virgin Islands drivers license or voter registration card, and a current utility bill.
The tax credit for disabled property owners is available only when individual annual gross income (AGI) is less than $30,000 and household AGI does not exceed $50,000. Applicants must meet occupancy requirements and be suffering from a disability as determined by the Social Security Administration as of Jan. 1, 2007. Applicants are also required to provide documentation from the SSA at time of filing as well as a stamped copy of their 2006 tax return.
Property tax credits are available in four other categories: veterans, seniors, Class I for owners who have inherited less than five acres of unimproved property, and a tax credit circuit breaker applicable to property owners whose property tax bills have increased by 125 percent or more and whose gross income is less than $135,000. They may apply for homestead and any one of the other categories for which they are eligible.
Property owners have until May 30, 2008 to apply for the tax credits, formerly known as exemptions. Persons who are interested in applying for the tax credits are encouraged to visit the Tax Assessors Office on their respective island, or contact 776-8505 on St. Thomas; 776-6737 on St. John; 773-6459 for Christiansted or 772-3115 for the Frederiksted office on St. Croix.

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