As Empty Homes Tax looms, Vancouver homeowners warned to declare property status

VANCOUVER (NEWS 1130) – A month out from Vancouver’s Empty Homes Tax kicking in, the City of Vancouver is warning homeowners not to miss the declaration deadline.

From February 2nd, residential properties deemed empty will be subject to a tax of one per cent of the property’s assessed taxable value.

But it’s not just the owners of an empty home who need to disclose their property status.

Esther Lee, Director of Financial Initiatives with the City of Vancouver, says every owner of residential property in Vancouver is required to submit a property status declaration.

“All 180,000 residential property homeowners have to declare their property status declarations by February 2nd. If they do not, their property can be deemed vacant and the one percent Empty Homes Tax… it would be subject to that tax.”

The declaration can be completed online, at a public library, at City Hall or at one of several community sessions being held.

After the tax comes into effect there will be a team conducting random audits, in case anyone tries to dodge the tax and provide false information.

“You could be prosecuted for up to $10,000 a day, depending on what the court will levy as a fine,” Lee says.

There are a few reasons a property can be exempt from the tax, for example if it’s being renovated. But the one per cent tax will generally apply to any residential property that isn’t a primary residence or isn’t rented out for at least half the year.

The City says net revenues from the tax will be reinvested into affordable housing initiatives.

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