Vancouver property owners are being urged to complete their Empty Homes Tax declaration before the deadline of February 4.
The City of Vancouver says that – as of January 6 – around half of the required declarations had been submitted, slightly more than the same time in 2019.
It says that it should only take a few minutes to submit the declaration and is reminding homeowners that missing the deadline is costly with the home deemed vacant and taxed at 1% of its 2019 assessed taxable value plus a $250 penalty.
If the tax and penalty is not paid by April 16, 2020, a further 5% penalty is applied.
In November, Vancouver City Council approved an increase in the Empty Homes Tax rate to 1.25% for the 2020 tax year ― that increase does not go into effect until 2020 declarations open in late 2020. Council approval of the Vacancy Tax bylaw amendment to change the tax rate is also still needed.
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