As we approach February 2, 2024, Vancouver property owners should mark their calendars for two crucial deadlines:
The City of Vancouver Advanced Taxes and the Empty Homes Tax (EHT) declarations.
The Advanced Property Tax, a preliminary instalment, helps the city maintain consistent cash flow for essential services. Paying on time is vital to avoid a 5% penalty. This tax, a portion of the annual property tax, is calculated based on the previous year's tax rate and property assessment.
The EHT targets homes left vacant for more than six months in a year. Property owners must declare their property status to avoid the 3% tax on the property's 2023 assessed taxable value. The EHT was started in 2017 as a measure to tackle issues in housing affordability and availability in Vancouver.
Timely action can save you from unnecessary penalties and supports our collective effort in making Vancouver a better place to live.
