The City of Toronto is reminding homeowners to declare their occupancy status before the end of February.
The deadline has been set for Feb. 29, 2024, for residential property owners to submit their declarations.
“Although the majority of homeowners are not subject to this tax, every residential property owner must report the occupancy status for their property for the 2023 tax year,” the city said in a news release on Friday.
The vacant home tax — which is one per cent of the property’s value assessment — applies to residences that have been vacant for more than six months during 2023, the city said.
The goal of the vacant home tax implemented last year was to increase the supply of housing by discouraging homeowners from leaving their properties unoccupied, the city previously said.
There is a fee of $21.14 for those who do not submit their declaration by the deadline.
Declarations can be submitted online.