Date: January 9, 2004
Contact: Angela Johnson
Phone: 340-773-6449
angelaborchert@yahoo.com
U.S. VIRGIN ISLANDS STAMP TAX INCREASE TAKES EFFECT
Lieutenant Governor Vargrave Richards announced that the Recorder of
Deeds offices, which are under his jurisdiction by statute, began implementing
the recently legislated stamp tax increase on Monday, January 5, 2004.
Pursuant to Act No. 6630, the stamp tax that was previously two (2)
percent of the declared value of property transferred has increased
as follows:
" 2 ½ percent for properties valued from $350,001 to $1
million;
" 3 percent for properties valued from $1,000,001 to $5 million;
and
" 3 ½ percent for properties valued over $5 million.
The stamp tax for properties valued up to $350,000 will remain unchanged.
For additional information, please call Recorder of Deeds Althea Pedro
on St. Croix at 773-6449 or Recorder of Deeds Wilma Hart-Smith on St.
Thomas at 774-9906, or e-mail the recorders through the Lieutenant Governor's
web site at www.ltg.gov.vi.
