01/31/2023
Will we be seeing this in other regions of Ontario soon?
The deadline for the Toronto Vacant Home Tax declaration is fast approaching.
A 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. For example, if the CVA of your property is $1,000,000, the tax amount billed would be $10,000 (1% x $1,000,000).
The tax is based on the property’s occupancy status for the previous year. For example, if the home is vacant in 2022 the tax will become payable in 2023.
For more information visit:
https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/