A reminder that the City of Vancouver Empty Homes Tax requires all home owners to submit a property status declaration by February 2, 2018.
Here's what you need to know:
The City of Vancouver brought in an Empty Homes Tax, also known as the Vacancy Tax, on January 1, 2017 under Vacancy Tax By-law No. 11674.
The tax came into effect January 1, 2018.
All Vancouver home owners have now received a property status declaration from the city and are required to submit a declaration.
The declaration helps the city determine if a property is subject to the Empty Homes Tax.
Home owners must return their declaration by February 2, 2018.
If the city determines a property is empty, the owner must pay a tax of one per cent of the property’s assessed taxable value.
The Empty Homes Tax doesn’t apply to principal residences or homes rented for at least six months of the year.
The city reports that 55 per cent of home owners have already submitted declarations.