The City of Toronto says it has extended the deadline for homeowners to submit their vacant home tax (VHT) declaration by an additional two weeks.
The new deadline is now March 15, extended from Feb. 29.
“The City would like to give homeowners every opportunity to make their declaration before VHT Notices of Assessment are mailed,” the city said on Friday.
The vacant home tax — which is one per cent of the property’s current value assessment — applies to residences that have been vacant for more than six months during the 2023 year, the city said.
The email you need for the day’s
top news stories from Canada and around the world.
However, last fall, council did vote to increase the vacant home tax amount to three per cent for declarations made for the 2024 year and future years.
The goal of the vacant home tax was to increase the supply of housing by discouraging homeowners from leaving their properties unoccupied, the city previously said.
As of the original deadline, Feb. 29, the city said just 63 per cent of residential homeowners had submitted their declarations.
The city warns that those who do not declare will have their property deemed vacant.
“Making a declaration is an annual requirement of the bylaw,” the city said.
There is a fee of $21.24 for those who do not submit their declaration by the deadline.
Declarations can be submitted online.
© 2024 Global News, a division of Corus Entertainment Inc.