Vacancy tax

Vacancy tax (stub)

 

 

Vancouver 

"To address Vancouver’s housing crisis, we have 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.

• Properties deemed empty will be subject to a tax of 1% of the property’s assessed taxable value. 
• Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented for at least six months of the year; however all homeowners are required to submit a declaration.
• Net revenues from the Empty Homes Tax will be reinvested into affordable housing initiatives.
•  The Empty Homes Tax is also known as the Vacancy Tax and is imposed under the Vacancy Tax By-law No. 11674.
   

References

 

• New York Times Editorial Board. "Why Is New York Full of Empty Stores?" New York Times. NOV. 19, 2017. 
  https://www.nytimes.com/2017/11/19/opinion/nyc-empty-stores.html. 

 

• Pender, Kathleen. "Should SF tax empty homes and buildings?" San Francisco Chronicle. 22 July 2017. 
  http://www.sfchronicle.com/business/networth/article/Should-SF-tax-empty-homes-and-buildings-11306541.php.
   
• Vancouver, City of. "Empty Homes Tax." http://vancouver.ca/home-property-development/empty-homes-tax.aspx.
  accessed 18 Jan 2018.