The VI Consortium recently reported that Lieutenant Governor Tregenza Roach has announced that property owners whose homestead property tax credits expire in 2024 must submit a new application and provide the necessary documentation to continue receiving homestead tax credits for their 2025 property tax bill. The Tax Credit must be renewed every five years, with the next renewal deadline set for March 1, 2025.
A Homestead Tax Credit is only applicable if the applicant is the legal owner of the property and uses it as their primary residence. Property owners cannot claim a homestead credit for more than one residence or apply for homestead credits in other jurisdictions. Additionally, the credit cannot reduce the tax obligation below the minimum of $180.00. Any changes to homestead status must be reported to the Office of the Tax Assessor by March 1 of each year.
Applications and homestead tax credit requirements are available online at ltg.gov.vi and propertytax.vi.gov, as well as at the Offices of the Tax Assessor on St. Thomas, St. Croix, and St. John.
Property owners eligible for the General Homestead Tax Credit ($400.00) may also apply for one additional credit like Veteran Tax Credit ($650.00), Senior Tax Credit ($500.00), and Disability Tax Credit ($500.00). See the VI Consortium full article and the St Croix Source full article for details.