With almost 4,000 residential property owners still required to submit Empty Homes Tax declarations, the City of Vancouver has extended the declaration deadline from the original date of February 2 to March 5, 2018.
Approximately 182,000 Vancouver residential property owners have submitted their declarations to date, the municipal government noted.
“Almost all homeowners have already filed their Empty Home Tax declarations, but the last two per cent will face unnecessary penalties if they don’t declare by March 5,” said Vancouver Mayor Gregor Robertson.
“With a near-zero vacancy rate in Vancouver, our key goal is to shift empty or under-used housing into the rental market.”
Robertson also noted the City has done “extensive” advertising and notifications about the Empty Homes Tax for more than a year.
“All homeowners should know that they have to file a declaration, or their homes will be considered empty by default,” he added.
The majority of the approximately 4,000 undeclared residential properties are located in the downtown core, with the highest number of undeclared properties located in Yaletown, followed by Coal Harbour and the West End.
Homeowners who fail to submit their Empty Homes Tax declaration by March 5 will have their homes deemed vacant and subject to $250 penalty, as well as the tax.
Properties deemed empty will be subject to the tax, which equals 1% of the property’s 2017 assessed taxable value.
The City said owners of these properties will receive a Vacancy Tax Notice and a Bylaw Notice for $250 in mid-March. Payment of the tax will be due by April 16, 2018 or a 5% late penalty will be applied.
There are a number of ways that residential property owners can easily submit their Empty Homes Tax declarations, the City said. These include:
But no matter how homeowners decide to submit their declaration, the City reminds residents that the deadline is fast approaching.