Thursday, November 29, 2018

Vancouver says $38 million to be collected in first year of empty homes tax

The city says $21 million has already been collected.

The City of Vancouver says it will collect $38 million for the first year of the empty-homes tax, according to an inaugural annual report.
The report says that out of the total of 186,043 properties, 178,120 were occupied, 5,385 were exempt and 2,538 were vacant.
The city estimates it will get $38 million in total revenue, with $21 million having already been collected.
The tax was developed to help relieve pressure on Vancouver’s rental-housing market by returning empty or under-utilized properties to the long-term rental market, according to the city.
Revenue generated by the tax is required to be used for affordable-housing initiatives in Vancouver.
The declaration period for the second year of the tax is now open, and the deadline is Feb. 4.
Property owners who have yet to receive their advance property tax notice in the mail can still make their declaration online using the folio and account numbers from their previous tax notice.

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