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Empty homes tax (vacancy TAX)

11/8/2017

 
The City of Vancouver has implemented an annual tax on empty or under-utilized residential properties called the Empty Homes Tax.  Every owner of residential property in Vancouver is required to submit a property status declaration each year to determine if their property is subject to the tax.
  • The Empty Homes Tax will be applied annually, with the first tax year beginning on January 1, 2017.
  • Properties are considered to be vacant if they have been unoccupied for more than 180 days during the tax year (Jan 1, 2017 – Dec 31, 2017).
  • The rate of the Empty Homes Tax is 1% of a property’s assessed taxable value.
  • The Empty Homes Tax will only apply to Class 1 Residential* properties that were not used as a principal residence or rented for at least six months of the year, and do not qualify for an exemption.
  • Class 1 Residential* properties include: single-family residences, multi-family residences, duplexes, apartments, condominiums, nursing homes, seasonal dwellings, manufactured homes, some vacant land, farm buildings and daycare facilities.​
  • For 2017, you must submit your 2017 property status declaration by February 2, 2018.

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    A bit about myself.  I am a member of the British Columbia Notaries Public Society. I want to answer some of the most common questions that my clients have through my blog. Hope you find it useful. 

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