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Deadline To File Home’s Occupancy Status Nears

Deadline to File Home’s Occupancy Status Nears

Toronto residents who want to file the occupancy status of their home before the pending deadline can now do so.

The City of Toronto has opened its online declaration portal three months before the official due date, Feb. 29, 2024.

Homeowners who fail to disclose a property’s occupancy status by the deadline will face a modest financial penalty of $21.24.

A declaration must be made each year, as part of the vacant home tax program, even if the owner resides at the property.

A property is subject to the vacant home tax if it was not used as the principal residence by the owner(s) or permitted occupant(s), such as tenants, was unoccupied for a total of six months or more during the previous calendar year, does not qualify for an exemption or if no declaration was made.

For 2023, the tax is 1% of the property’s current value assessment, determined by Ontario’s Municipal Property Assessment Corp. So, if your home is valued at $1 million, the vacant home tax fee would be $10,000, according to the city.

In October, Toronto city council approved an increase in the tax rate for vacant properties to 3% from 1% for the 2024 taxation year, which will become payable in 2025.

To make a declaration of occupancy status, homeowners need their property assessment roll number and customer number, both of which can be found on their property tax bill.