The City of Toronto will continue to accept Vacant Home Tax (VHT) declarations of occupancy status from residential property owners until March 15. The deadline to declare was February 29, and the City’s Executive Committee has recommended extending this deadline to accept late submissions for an additional two weeks. Toronto City Council will officially consider the proposal at its next meeting.
As of yesterday, the City had received declarations for more than 63 per cent of residential properties in Toronto. The City would like to give homeowners every opportunity to make their declaration before VHT Notices of Assessment are mailed. Owners who do not declare will have their property deemed vacant.
The Vacant Home Tax is designed to boost housing supply by deterring owners from leaving residential properties vacant, encouraging them to rent or sell instead. Homeowners who haven’t declared are encouraged to do so promptly through the secure online portal.
While most homeowners are not subject to the Vacant Home Tax, every residential property owner must report the occupancy status of their property for the 2023 tax year. Making a declaration is an annual requirement of the bylaw. The VHT applies to residences that were declared, deemed or determined vacant for more than six months in 2023 and the tax amounts to one per cent of the Current Value Assessment (CVA).
VHT exemptions apply to homeowners who reside in their homes, temporarily vacate for vacation, work abroad or rent their property. Failure to submit a declaration of occupancy status by the deadline will result in a fee of $21.24.
Homeowners need their property assessment roll and customer number to make a declaration, both of which can be found on the most recent property tax bill or statement of tax account. For those without computer access, it is possible to authorize someone to submit the declaration online on their behalf.
Full details about the Vacant Home Tax, the available exemptions and how to submit a declaration of property occupancy status are available on the City’s Vacant Home Tax webpage.
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