137^ 



74th COXGRESS. SESS. II. CHS. 449, 450. MAY 26, 1936. 



Proptso. 



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.] 



[Public, No. 610.1 



Virgin Islands. 



Establishment of 

 assessed valuation real 

 property tax. 



Based on actual 

 value. 



Uniform rate in each 

 municipality. 



Provisional rate. 



President to pre- 

 scribe relations 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 tJnited 

 States. 



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



United States. 



Be it enacted hy the Sen-ate 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 sucli islands. 



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

 all taxes on real property in tlie Virgin 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 municiijality whether or not such prop- 

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

 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 property in such 

 municipality for any such calendar year shall be at the rate of 

 1.25 2Der centum of the assessed value. If the legislative authority 

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

 collection, or enforcement of any tax imposed under authority of 

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

 President shall then prescribe regulations for the levy, assessment, 

 collection, and enforcement 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 

 municiiDal treasury of the municipality in which such taxes are 

 collected. 



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

 municipal treasuries of the Virgin Islands in lieu of taxes an amount 

 equal to the amount of taxes which would be payable on the I'eal 

 propertj^ 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 Lslands Company shall also 

 pay into the municipal treasuries of the Virgin Lslands amounts 

 equal to the amounts of any taxes of general application whic^h a 

 private corporation similarly situated would be required to pay into 

 the said ti'easuries. Similar payments shall be made with respect 

 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. 



