Act No. 6630 (25th Legislature)
‘ACT NO.6630 BILL NO. 25-0121 TWENTY-FIFTH LEGISLATURE OF THE VIRGIN ISLANDS OF THE UNITED STATES Regular Session 2003 To amend title 33, chapter 7, section 121, Virgin Islands Code, to increase the Stamp Tax on real property ---0)--- BE IT ENACTED by the Legislature of the Virgin Islands: SECTION 1. Title 33, chapter 7, section 121, subsection (a), Virgin Islands Code, is amended by striking the phrase, “two percent (2%) of the value of the property” and inserting in lieu thereof the language, “two percent (2%) for property valued up to $350,000,” two and one-half percent (2 1/2%) for property valued from $350,001 to $1,000,000 three percent (3%) for property valued from $1,000,001 to $5,000,000, and three and one-half percent (3 1/2%) for property valued over $5,000,001”. Subsection (a) is further amended by adding a new sentence at the end thereof to read as follows: “No real property may be valued at less than the assessed value by the Tax Assessor.” Thus passed by the Legislature of the Virgin Islands on November 24, 2003. …
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