Investors in Vancouver property have added admin
Investors in Vancouver homes have less than three months to file a new declaration about the occupancy status of their assets.
The City of Vancouver has begun mailing advance property tax notices to more than 180,000 homeowners along with information on how to file an empty home tax declaration, which must be done by February 2, 2018.
“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.
The tax will affect those who own homes that are not principal residences, are not rented for at least 6 months of the year, and are not subject to one of eight exemptions.
The exemptions include: occupancy for full-time work (min. 180 days in the year); owner in care; estate of deceased; transfer of property; undergoing redevelopment or major renovations; strata rental restriction; court order; or limited use residential property.
Owners who do not file their declaration by the deadline they will be fined $250 and it will be assumed that the home is vacant which will mean a 1% tax based on the 2017 assessed taxable value of the home will be payable.
“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,” Mayor Robertson added.
The City of Vancouver has begun mailing advance property tax notices to more than 180,000 homeowners along with information on how to file an empty home tax declaration, which must be done by February 2, 2018.
“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.
The tax will affect those who own homes that are not principal residences, are not rented for at least 6 months of the year, and are not subject to one of eight exemptions.
The exemptions include: occupancy for full-time work (min. 180 days in the year); owner in care; estate of deceased; transfer of property; undergoing redevelopment or major renovations; strata rental restriction; court order; or limited use residential property.
Owners who do not file their declaration by the deadline they will be fined $250 and it will be assumed that the home is vacant which will mean a 1% tax based on the 2017 assessed taxable value of the home will be payable.
“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,” Mayor Robertson added.
