Residential property owners required to declare by February 2.
Residential property owners are reminded that there are 2 weeks left to submit their annual Empty Homes Tax (EHT) declaration. Declarations, which relate to the property’s status in the 2022 tax year, are due by February 2, 2023. A $250 by-law fine will apply to declarations received after this due date.
As of January 19, 64.8% of residential property owners in Vancouver have completed their property status declaration, and 69,985 still need to declare. Reminder notices have been sent to those who have not yet declared. All property status declarations are potentially subject to an audit process to determine their validity and encourage compliance.
If a property is declared vacant or deemed or determined vacant under the EHT program, it will be subject to the tax at a rate of 3% of its 2022 assessed property value.
Most home owners will not be assessed the tax, as it does not apply to principal residences, properties that are rented out for at least 6 months of the year, or properties that are eligible for an exemption. Even if a property meets these criteria, an annual declaration is still required. If a property is co-owned, only one owner is required to declare.
An overall review of the EHT is currently underway and will be coming forward to Council in the spring for consideration.
Visit the link below to declare now!
Declare Here