2019 US Virgin Islands Code
Title 21 - Homesteads and Home Loans
Chapter 3 - Housing Rehabilitation Loans
§ 132. Real estate tax exemption

Universal Citation: V.I. Code tit. 21, § 132 (2019)
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The real property constituting or containing the housing accommodations with respect to which a guaranteed loan is made pursuant to this chapter shall be exempted from real property taxes to the extent of that portion of the value which represents an increase over the assessed value of the property immediately before the rehabilitation was commenced and is attributed to the rehabilitation. The tax exemptions shall continue during the period after completion of the rehabilitation so long as the loan or guaranty by the Authority shall remain outstanding except that the exemption shall not continue more than ten (10) years after the date of completion of rehabilitation. The Director of the Bureau of Internal Revenue is authorized and directed to issue regulations to effectuate this tax exemption provision.

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