If you own a home in Vancouver, that you do not live in or rent out, then you may be subject to the Empty Home tax. The tax became effective in 2018 as a way to reduce homes sitting empty amidst what has been described as a housing crisis in Vancouver. This tax is calculated at 1% of a homes assessed value. In Vancouver the average house price in Jan 2020 is $1.1 million dollars. That means you could be paying $11,000 or more each year. This is on top of your regular property taxes
Empty Homes Tax Due Dates 2020
- Unpaid tax added to property tax bill: December 31, 2019
- Declaration for 2019: February 4, 2020
- Empty Homes tax payment for 2019: April 16, 220
In addition, you could be subject to the BC Speculation and Vacancy Tax. This tax affects residential properties with an assessed value greater than $150,000. The minimum tax rate is .05% which was applicable in 2018 for 2019 the rate jumped to 2%
A vacant property attracts pests and vandals and can result in expensive maintenance. Insurance is more expensive and neighbours start to complain.
A lived in home deters unwanted intruders & beautifies neighbourhoods. By placing reliable professional tenants you can begin to generate income instead of only expenses
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