(a) All real property in the Virgin Islands subject to taxation must be assessed at 100 percent of its fair market value as calculated by using the assessment methods set forth in sections 2403 and 2404 of this chapter;
(b) The Tax Assessor shall levy and collect on real property a tax at the mil rates for each classification of real property specified in this subsection as follows:
(1) unimproved non-commercial real property, at .004946;
(2) residential real property, at .003770;
(3) commercial real property, at .007110; and
(4) timeshare real property at .014070.
(c) As used in this section
(1) “Unimproved non-commercial real property” means any real property that is unimproved and is located in any residential or agricultural zoning district as set forth in title 29 Virgin Islands Code, chapter 3.
(2) “Residential real property” means any real property on which a residence is located, including apartments, condominiums, cooperatives, but excluding timeshare real property.
(3) “Commercial real property” means any real property that has on it improvements designed or intended for income production, or unimproved real property that is located in any business, commercial, gaming, industrial, public, special, or waterfront zoning district, as set forth in title 29 Virgin Islands Code, chapter 3. Commercial real property includes buildings with five or more residential units.
(4) “Timeshare real property” means any real property that is owned or leased by several persons jointly and in which the ownership or leasehold interests are for fixed periods of time.
(d) The owner of unimproved real property in the Virgin Islands which the owner has acquired by a Class I inheritance, as defined in title 33 Virgin Islands Code, chapter 1, section 1, but not by gift, purchase, survivorship, or otherwise, and the unimproved real property consists of five acres or less, and any part of which is not exempt from the payment of real property taxes under any provision of the Virgin Islands Code, shall receive a tax credit equal to 80% of the real property taxes levied on the real property by the Tax Assessor, until $5,000 or more of improvements are made to the real property. Whenever $5000 of improvements are made, the property must be assessed pursuant to subsection (a).
(e) In no event, may the application of exemptions and credits reduce the amount of tax due for any real property to an amount less than $180.