USVI Home Buyer & Seller FAQs | Sea Glass Properties
buy or sell a house in the usa. uu. virgin islands requires important information that may differ from the common real estate processes in the states. Find our FAQs on buying and selling real estate in USVI below:
- what are property taxes in the us? u? virgin islands?
depending on the type of property you own in the us. uu. Virgin Islands, you must pay a percentage of the property’s assessed value in taxes. Tax rates by property type are shown below.
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- residential property – .003770
- land – .004946
- commercial property -.007110
- timeshare – .014070
Learn more about current property tax rates on the USVI Tax Collector’s Office website.
- usvi transfer tax
the usvi stamp tax works in such a way that higher value properties have a slightly higher tax percentage than their less expensive counterparts. here is the breakdown of the stamp duty ranges as of 2015:
- 2% for properties valued up to $350,000.
- 5% for properties with a value of $350,000 to 1 million.
- 3% for properties with a value of $1 million to $5 million.
- 5% for properties valued at more than $5 million.
- real estate closing costs
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Whether you are buying or selling your property, there will be significant closing costs to consider in any real estate transaction. Your closing costs in USVI may differ depending on the type of property and the loans involved. In general, the normal closing costs to consider would be the following:
- guarantee money
- initial payment
- inspection costs
- real estate attorney fees
- first year of homeowners insurance
- windstorm/earthquake insurance
what is wapa?
An autonomous public utility created by the Virgin Islands Legislature in 1964, the Virgin Islands Water and Power Authority (WAPA) generates and distributes electricity to approximately 55,000 customers throughout the territory. It also provides desalinated drinking water to 13,000 customers in major commercial and residential centers in Charlotte Amalie (St. Thomas), Christiansted and Frederiksted (St. Croix), and Cruz Bay (St. John), as well as certain subdivisions.
Due to its reliance on fuel oil and the constant rise in crude oil prices around the world, wapa’s customer rates are generally higher than in most regions of the united states. monthly bills will vary based on customer usage and the prevailing factor of the leveled energy adjustment clause (leac). The Leac factor (or fuel factor, as it is called in other Caribbean islands and in some mainland utilities) is a customer surcharge that allows Wapa to deal with increases or decreases in fuel prices. wapa customer rates, as well as adjustments to the leac factor, are subject to virgin islands public service commission approval.
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how is wapa different from services in the united states?
wapa charges about 39 cents per kilowatt compared to an average of 12 cents per kilowatt in the state. Basically, electricity is pretty expensive here in the Virgin Islands, but we’ve got all the tips you need to lower your bill!
Peril insurance can be particularly expensive on the islands considering the number of extreme risks we tend to have. The cost of your insurance will depend on several factors, including the construction of the property and the presence of high-impact glass and shutters. Windstorm insurance can vary significantly between residential and commercial properties.
Homeowners can typically pay 1.35% to 2% of replacement cost per year for a home that is fully enclosed and built with a stable concrete frame.
Currently, the population of the main US states. uu. virgin islands is somewhere in the ballpark of the following:
- john – 4170 (2010 census)
- thomas – 51,634
- croix – 50.601