Release: How should the City of Vancouver invest revenue from the Empty Homes Tax?

Via the City of Vancouver:

We have an update for you on the Empty Homes Tax. In its first year, the Empty Homes Tax will generate an estimated $30 million, and all net revenue will be reinvested in affordable housing initiatives.

We want to hear from you about how these funds should be used!

You can share your own ideas and weigh in on the ideas suggested by the City and members of the public. Like, dislike, comment or submit your own ideas here, or visit vancouver.ca/eht-ideas .

You can share your opinions until May 17, 2018. We will summarize all ideas generated along with other input from public conversations, and share the results with City Council in late Spring.


Background: Empty Homes Tax

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. If you are unsure about how this effects you please visit tax accountants hurstville.

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 Bylaw No. 11674.