Vacant Home Tax: What Is It and How Does it Work?

TORONTO - Oct. 31, 2023 - PRLog -- If you don't understand vacant home tax or have little understanding of how it works, our team at Budget Accounting wants to help you understand the term + the process easier so you can be ready for whatever financial issues come your way. The goal of implementing a vacant home tax is to increase the supply of homes by deterring residences that are considered unoccupied. To continue reading what our Accounting in Richmond Hill team has to say on this topic, check out our post below.

Vacant Home Tax

A home may be deemed vacant if there is no occupant or owner residing in the area for a minimum of six months. A home may also be deemed vacant if the owner fails to deliver a standing regarding the declaration of occupancy of the home. Although, the tax does not apply to residences that qualify for an exemption, properties that have a permitted occupant or tenant, and those that are the principal residence.

How Do You Calculate Vacant Home Tax?

If a home is declared vacant, a 1% of the CVA (Current Value Assessment) will be the penalty. For instance, if a home is assessed at...

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