With the controversial Empty Homes Tax kicking in this year, Vancouver City Council will hear a report Tuesday on making local homeowners declare whether or not their properties are rented.
The Empty Homes Tax rate is one per cent of a property’s assessed taxable value – in other words a million dollar home would bring in 10-thousand dollars to city coffers.
Esther Lee, the director of Financial Initiatives at City Hall, says failing to declare could see a $250 fine imposed.
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“If we don’t get a declaration by the due date then your home may be deemed to be vacant and subject to the empty home tax whether you live as a principal resident or qualify for one of the eight exemptions you must declare as one of those statuses.”
READ MORE: Vancouver passes tax on empty homes
Lee says making that declaration can be done online.
“For people who may need assistance and may not want to do it online, they can come to City Hall where staff can assist, or (people) can call 3-1-1 for assistance as well.”
The property status declaration is due February 2, 2018.
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