Hani Faraj - Buyer Package March 27

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Empty Home Tax Homes that are deemed empty will be subject to a tax of 1% of the property’s assessed value. Self-reporting owners will be assessed a one per cent tax on homes that are not principal residences or aren't rented out for at least six months of the year. Property status declarations cannot be made until December 2017. The Empty Homes Tax will be applied annually, with the first tax year beginning on January 1, 2017, with the first payments due in 2018. A principal residence by owner, tenant or licensee will not be subject to empty homes tax. Net revenues from the Empty Homes Tax will be reinvested into affordable housing initiatives. Why an Empty Homes Tax? The purpose of the Empty Homes Tax is to: Return empty or under-utilized properties to use as long-term rental homes for people who live and work in Vancouver Help relieve pressure on Vancouver’s rental housing market, as our city has one of the lowest rental vacancy rates and the highest rental costs in Canada. Empty Homes Tax due dates Property status declaration (for 2017): February 2, 2018 Empty Homes Tax payment: April 16, 2018 Unpaid tax added to property tax bill: December 31, 2018 Enforcement and penalties All owners of residential property in Vancouver will be required to make a property status declaration, which will determine if they are subject to the Empty Homes Tax. Homes that are deemed to be empty as a result of the property status declaration will be subject to a tax of 1% of the property’s assessed value.
Empty Home Tax Penalties and fines Late and unpaid Empty Homes Taxes are subject to the same remedies for non-payment as property taxes, including: A late payment penalty of 5% Daily interest on arrears The tax sale process Failure to make a property status declaration will result in the home being deemed empty and subject to the tax. It may also attract a penalty and we may prosecute for fines. False declarations will result in fines of up to $10,000 per day of the continuing offense, in addition to payment of the tax. Sources: http://vancouver.ca/home-property-development/empty-homes-tax.aspx Vacancy Tax Bylaw http://bylaws.vancouver.ca/consolidated/11674.PDF
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Hani Faraj - Buyer Package March 27

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