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