1372 



r4TH CONGRESS. SESS. II. CHS. 449, 450. MAY 26, 1936. 



Proviso. 



State sanction. 



premises : Provided, however, That the city of Buffalo shall have 

 secured the sanction and consent of the State of New York through 

 its constituted agencies. 

 Approved, May 26, 1936. 



[CHAPTER 450.] 



May 26, 1936. 



[H. R. 8287.1 



[Public, No. 610.) 



Virgin Islands. 



Establishment of 

 assessed valuation real 

 property tax. 



Based on actual 

 value. 



Uniform rate in each 

 municipality. 



Provisional rate. 



President to pre- 

 scribe regulations if no 

 municipal levy, etc. 



AN ACT 



Deposit of collections. 



Virgin Islands Com- 

 pany. 



Payments by, in lieu 

 of taxes. 



Other property 

 owned by the United 

 States. 



To establish an assessed valuation real property tax in the Virgin Islands of the 



United States. 



Be it enacted by the Senate and House of Representatives of the 

 United States of America in Congress assembled, That it is the policy 

 of Congress to equalize and more equitably to distribute existing 

 taxes on real property in the Virgin Islands of the United States and 

 to reduce the burden of taxation now imposed on land in productive 

 use in such islands. 



Sec. 2. For the calendar year 1936 and for all succeeding years 

 all taxes on real property in the Vii-gin Islands shall be computed 

 on the basis of the actual value of such property and the rate in each 

 municipality of such islands shall be the same for all real property 

 subject to taxation in such municipality whether or not such ^jroiD- 

 erty is in cultivation and regardless of the use to which such 

 property is put. 



Sec. 3. Until local tax laws conforming to the requirements of this 

 Act are in effect in a municipality the tax on real jaroperty in such 

 municipality for any such calendar j'ear shall be at the rate of 

 1.25 per centum of the assessed value. If the legislative authority 

 of a municipality sliall fail to enact laws for the levy, assessment, 

 collection, or enforcement of any tax imposed under authority of 

 this Act within three months alter the date of its enactment, the 

 President sliall then prescribe regulations for the levy, assessment, 

 collection, and enfttrcement of such tax, which shall be in effect 

 until the legislative authority of such municipality shall make 

 regulations for such purposes. 



Sec. 4. All taxes so levied and collected shall be deposited in the 

 municipal treasury of the municipality in which such taxes are 

 collected. 



Sec. 5. The Virgin Islands Company shall pay annuaUy into the 

 municipal treasuries of the Vii'gin Islands in lieu of taxes an amount 

 equal to the amount of taxes which would be payable on the real 

 projaerty in the Virgin Islands owned by the United States and in 

 the possession of the Virgin Islands Company, if such real property 

 were in private ownership and taxable, but the valuation placed upon 

 such property for taxation purposes by the local taxing authorities 

 shall be reduced to a reasonable amount by the Secretary of the 

 Interior if, after investigation, he finds that such valuation is 

 excessive and unreasonable. The Virgin Islands Company shall also 

 pay into the municipal treasuries of the Virgin Islands amounts 

 equal to the amounts of any taxes of general application which a 

 private corporation similarly situated would be required to pay into 

 the said treasuries. Similar payments shall be made with resjDect 

 to any property owned by the United States in the Virgin Islands 

 which is used for ordinary business or commercial purposes, and the 

 income derived from any property so used shall be available for 

 making such payments. 



