VANCOUVER – Vancouver residential property owners can expect to receive instructions on how to make their Empty Homes Tax declaration in the mail with their Advance Property Tax Notice, starting this week.
The notifications are being mailed in a phased approach throughout the month of November, and when people receive their notices they may go online immediately to file a declaration at vancouver.ca.
“Vancouver renters are in crisis, with the rental vacancy rate hovering over zero for years,” says Mayor Gregor Robertson. “The City will not sit on the sidelines as more than 25,000 empty and under-occupied properties hold back homes for people who live and work in Vancouver. Housing is for homes first, and as business and investments second – we need a tax on empty homes to encourage the best use of all our housing, and help boost our rental supply for locals.”
Every owner of Class 1 Residential property in Vancouver is required to submit a property status declaration each year to determine if their property is subject to the Empty Homes Tax. Notifications are being mailed out throughout the month of November to more than 180,000 residential property owners.
Homeowners who fail to declare by the due date of February 2, 2018, will have their properties deemed vacant and will be subject to the tax at a rate of 1% of the property’s 2017 assessed taxable value. They will also be fined a $250 penalty for non-declaration, as enacted by Council on October 31, 2017.
