property tax exemptions and requirements

There's another lengthy thread about this topic not to long ago.

Here is a link to the thread about property tax exemptions:
property tax thread

I have never had to provide an income tax return.

I was told that you only need income tax returns if you are applying for the senior citizen discount. For homestead just a WAPA bill and government ID.

One of the tax increases tied to the "Sin Taxes" sent forward by the Senate Finance Committee on Wednesday (from the Source) will affect property taxes:

Real estate taxes will not go up, but those claiming exemptions will not be able to reduce their property tax bills to less than $360. There is an exemption to the new floor for those whose incomes are less than $30,000 per year or $50,000 per year for a family. If the tax bill is already less than $360, without exemptions, the tax bill will be unchanged. The law applies only to taxpayers claiming exemptions.

So what this means to me, is that my homestead exemption, which currently gives me a zero bill and is therefore not being escrowed by my mortgage company, will now be $360 a year.

And so when the bills are sent out in July/August (as I was told by the woman I spoke to at the Lt. Governors office) I will have to pay out of pocket because nothing was escrowed. However the bill will be sent to my mortgage company and then they will notify and bill me. So I will end up paying late.

So this tax increase will create headaches for anyone whose exemptions brought their property tax to zero, and who is paying a mortgage.

Best not to have property tax and homeowners insurance tied to your mortgage if you can possibly avoid it. Remember, if there is any issue with your property tax bill, the onus is on you to provide proof of payment.
Generally best to have a stamped/paid receipt. If you have to mail it in because you're off island, DO so with a return receipt request. Keep copy of canceled check or credit card statement with bill.

Always check the back of your bill to see if they decide to say you owe for a prior year (or years). It's happened to me but luckily had the paperwork to prove I didn't owe them a nickel.

Homestead usually just required your past tax bill, deed if just acquired, a WAPA bill, your ID. Tax return was solely for the senior/elderly discount.

Usually, you fill out a form but you don't get the exemption for the year you apply in but the following year. I don't know if that's changed.

Call the Tax Accessors office and find out what you need to bring for whatever exemption you're applying for.

You can download the form from their website so all information may be listed there.

My mortgage company did not allow me to pay it on my own. I was required to have the property tax tied to my mortgage and $ added to my mortgage bill to cover escrowed tax payments. My HO6 insurance, however, was not required to be tied to the mortgage.

Best not to have property tax and homeowners insurance tied to your mortgage if you can possibly avoid it.

Joan, does your bank send you copies of paid property tax bill?

They never have.

However, since the government increased the amount of the homestead (and other ) exemptions a few years ago, my property tax bill has been zero.

And I can check previous years online to see that they were paid by my bank. If they had not been paid not, my parcel would show a balance owed.

Joan, does your bank send you copies of paid property tax bill?

Just wondering if your bank paid as soon as bill came out and you were able to take advantage of the 5% reduction for early payment that were allowed in past years. Of course, that's no longer an option!

I'd request a statement from bank showing the designated taxes paid.
Honestly, it would give me the heebie jeebies to not have proof of payments!