Vancouver Empty Homes Tax
Today I'm discussing the Vancouver Empty Homes Tax - which is not the same as the BC Provincial Vacant and Speculative Tax. They are two different taxes, with the Empty Homes Tax being a civil tax by the City of Vancouver that came into effect in 2017 as a way to encourage property owners to rent out their vacant suites.
If you are levied an Empty Homes Tax Notice, it will be included in your Property Tax Bill, usually received each year in November. I recommend always filing this immediately so you don't forget about it. If your bill is sitting on a table or in a drawer unfiled, February 2nd is the deadline to file your Empty Home Tax. This year's rate is 1.25%, next year it goes up to 3%, which will be a hefty increase.
Empty Homes Tax Payment Due February 2, 2021
If you have a property that you think will be levied the Empty Home Tax, go onto the City of Vancouver website. It's an easy to navigate site, and it shows you all the criteria for whether or not your property is subject to the empty home tax. As a simple rule of thumb though, if your property has been vacant more than six months in a calendar year, you're very likely to be owing the Empty Homes Tax. Just to be putting the numbers into perspective, if you've got a property with an assessed value of $1M and the property is subject to the empty homes tax, this year that will be $12,500 in taxes payable. Next year, it goes up to $30,000.
If you have any questions about the Empty Homes Tax, go online to the City of Vancouver website. Check it out, it should answer all your questions, and if you're still not sure, give Jill or myself a call, we're happy to answer any of your Empty Homes Tax Questions.
Post Your Comment: