Homeowners were supposed to make their declarations by today and could have faced fines of $250 for doing so after the deadline.
“There will be no fines issued during that time and so I hope that what this will encourage people to do is to fill out the form so they won’t have to pay this tax,” Tory said. “If they can just do that it will help avoid a lot of calls and emails later that people don’t want.” If they don’t do so by the end of February the city will assume that their properties are vacant and a tax of one per cent of their home’s assessed value would then be applied to the property tax bill mailed out in the spring.
Staff have previously estimated that the tax will bring in between $55 and $66 million annually, with that money then being directed towards affordable housing initiatives.
Source: Real Estate Daily Report (realestatedailyreport.net)
big time confusion with the federal program that has completely different rules
HINT HINT HINT.....It's vacant
Vacant Home Tax of one per cent of the Current Value Assessment (CVA) will be imposed on all Toronto residences that are declared, deemed or determined vacant for more than six months during the previous year. $1m CVA = $10k in taxes.
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Toronto homeowners have until the end of February to declare if their home is vacant - Toronto | Globalnews.caThe city said reminder notices will be mailed out the week of Feb. 13 to property owners who haven't' submitted their declaration.
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