THE City of Vancouver is reminding residential property owners that there are two weeks left to submit their annual Empty Homes Tax (EHT) declaration. Declarations, which relate to the property’s status in the 2022 tax year, are due by February 2. A $250 by-law fine will apply to declarations received after this due date.
As of January 19, 64.8 per cent of residential property owners in Vancouver have completed their property status declaration, and 69,985 still need to declare. Reminder notices have been sent to those who have not yet declared. All property status declarations are potentially subject to an audit process to determine their validity and encourage compliance.
If a property is declared vacant, or deemed or determined vacant under the EHT program, it will be subject to the tax at a rate of three per cent (3%) of its 2022 assessed property value.
Most home owners will not be assessed the tax, as it does not apply to principal residences, properties that are rented out for at least six months of the year, or properties that are eligible for an exemption. Even if a property meets these criteria, an annual declaration is still required. If a property is co-owned, only one owner is required to declare.
An overall review of the EHT is currently underway and will be coming forward to Council in the spring for consideration.
Declarations can be made online quickly and easily at vancouver.ca/eht-declare.
For help, chat live with an advisor at vancouver.ca, or call 3-1-1 (outside Vancouver: 604-873-7000).
Declaration instructions are available in Traditional Chinese, Simplified Chinese, Punjabi, Tagalog, and Vietnamese on the City’s website.
The City introduced the Empty Homes Tax in 2017 with the goal of returning empty or under-utilized properties to the rental market as long-term rental homes for people who live and work in Vancouver. Statistics released in the latest Empty Homes Tax Annual Report show that this goal is being realized, with the number of vacant homes continuing to decrease year over year. In addition, $115.3 million in revenue from the tax has been allocated to support affordable housing initiatives.
The City of Vancouver’s Empty Homes Tax is different than the provincial government’s Speculation and Vacancy Tax and requires separate declaration. For more information about the province’s tax, visit gov.bc.ca/spectax.
Find out more, or make a declaration, at vancouver.ca/eht-declare.