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HOUSE_OVERSIGHT_018828.jpg
1.81 MB
Extraction Summary
0
People
6
Organizations
5
Locations
6
Events
0
Relationships
1
Quotes
Document Information
Type:
Real estate market analysis report
File Size:
1.81 MB
Summary
This document is a real estate market analysis for the U.S. Virgin Islands, focusing on St. Thomas and St. Croix for the period of 2006-2014. It details a recovery in the housing market starting in 2012 and provides a thorough explanation of a complex property tax issue involving a multi-year federal injunction that was resolved by 2015. While the document itself does not mention Jeffrey Epstein, the 'HOUSE_OVERSIGHT' Bates stamp suggests it was collected as part of a congressional investigation, possibly related to his assets in the territory.
Organizations (6)
| Name | Type | Context |
|---|---|---|
| Multiple Listing Service (MLS) |
Provided statistical data on real estate sales in the US Virgin Islands.
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| St. Thomas-St. Croix MLS |
The specific MLS entity for the islands, source of the sales data and chart.
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| IGY American Yacht Harbor Marina |
Mentioned in the footer of the document.
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| irr |
A logo in the footer, likely the firm that produced the report (Integra Realty Resources).
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| HOUSE_OVERSIGHT |
Part of the Bates stamp (document identifier), indicating it is from the records of the U.S. House Oversight Committee.
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| Virgin Islands Government |
The local government that was prevented from collecting property tax due to a federal injunction, losing US$25 millio...
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Timeline (6 events)
2006
A property tax reassessment was conducted in the US Virgin Islands, and the tax rate was changed.
US Virgin Islands
2012-2014
The US Virgin Islands real estate market experienced a recovery, with home sales increasing annually since 2012 and sales volume growing 54% in 2014.
US Virgin Islands
August 2014
The 2013 tax bills were released with new assessed values and amended tax rates.
US Virgin Islands
August 2015
The 2015 tax bill was released, bringing the Virgin Islands current with its property taxes.
US Virgin Islands
December 2013
Tax bills for the years 2006 through 2012 were issued based on old 1999 assessed values and tax rates.
US Virgin Islands
c. 2009-2013
A federal court injunction blocked the collection of property taxes based on the 2006 reassessment, lasting for at least four years.
US Virgin Islands
US federal court
Virgin Islands Government
Locations (5)
| Location | Context |
|---|---|
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The primary subject of the real estate market and taxation analysis.
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One of the islands included in the MLS sales data analysis.
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One of the islands included in the MLS sales data analysis.
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Its recovering housing market is noted as having a positive impact on the US Virgin Islands market.
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Mentioned in the footer, located in the US Virgin Islands.
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Key Quotes (1)
"fee simple"Source
HOUSE_OVERSIGHT_018828.jpg
Quote #1
Full Extracted Text
Complete text extracted from the document (2,437 characters)
Area Analysis
18
18
The current situation is that the recovering housing market and general economic conditions on the US mainland is slowly having a positive impact in the US Virgin Islands' real estate market in terms of overall average home prices as well as the number of homes sold. Home sales in the territory, while still lower than 2007 figures, have increased annually since 2012.
According to statistical data provided by the Multiple Listing Service, the value of real estate sales in the St. Thomas-St. Croix MLS grew by 54% in 2014 to nearly $200 million on 883 transactions; volume seen since 2008 and sales pace not seen since 2007. This growth follows 20% growth in 2013 which came after six years of declines. The average sales price surpassed $300,000, a level also not seen since 2008.
MLS Sales Volume - St. Thomas and St. Croix
$400,000,000
$350,000
$350,000,000
$340,000
$330,000
$300,000,000
$320,000
$310,000
$250,000,000
$300,000
$290,000
$200,000,000
$280,000
$270,000
$150,000,000
$260,000
$100,000,000
$250,000
2006 2007 2008 2009 2010 2011 2012 2013 2014
$350,000
$350,000,000
$340,000
$330,000
$300,000,000
$320,000
$310,000
$250,000,000
$300,000
$290,000
$200,000,000
$280,000
$270,000
$150,000,000
$260,000
$100,000,000
$250,000
2006 2007 2008 2009 2010 2011 2012 2013 2014
Sales Volume
Average Sale Price
Average Sale Price
Source: St. Thomas/St. Croix MLS
Real Estate Ownership and Taxation
Ownership is "fee simple", under the U.S. flag. There are no restrictions against purchasing solely for investment, and no laws dictating when, if ever, you must build on undeveloped land. It should be noted that for 2006 there was a reassessment, and the tax rate changed to $3.77 per $1,000 based on 100% of assessed value (for residential property); however, there was an ongoing court challenge to the reassessment, and a federal injunction blocked tax bills until the issue could be resolved. As of December, 2013, the 2006, 2007, 2008, 2009, 2010, 2011 and 2012 tax bills have all been issued under the old 1999 assessed values and tax rates. This federal court injunction regarding the tax reassessment of VI property values had previously prevented the government from collecting property tax for at least four years, resulting in the government losing US$25 million a month. New assessed values as well as amended tax rates were released in conjunction with the 2013 tax bills in August, 2014. Subsequent tax bills were issued at a rate of two per year until August 2015 when the 2015 bill were released and the Virgin Islands became current with respect to its property taxes.
Ownership is "fee simple", under the U.S. flag. There are no restrictions against purchasing solely for investment, and no laws dictating when, if ever, you must build on undeveloped land. It should be noted that for 2006 there was a reassessment, and the tax rate changed to $3.77 per $1,000 based on 100% of assessed value (for residential property); however, there was an ongoing court challenge to the reassessment, and a federal injunction blocked tax bills until the issue could be resolved. As of December, 2013, the 2006, 2007, 2008, 2009, 2010, 2011 and 2012 tax bills have all been issued under the old 1999 assessed values and tax rates. This federal court injunction regarding the tax reassessment of VI property values had previously prevented the government from collecting property tax for at least four years, resulting in the government losing US$25 million a month. New assessed values as well as amended tax rates were released in conjunction with the 2013 tax bills in August, 2014. Subsequent tax bills were issued at a rate of two per year until August 2015 when the 2015 bill were released and the Virgin Islands became current with respect to its property taxes.
IGY American Yacht Harbor Marina
irr
HOUSE_OVERSIGHT_018828
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