Empty Homes Tax facts for kids
The City of Vancouver levies an empty home tax on homes that are unoccupied more than six months of the year. A home that is occupied by its owner or a tenant for at least six months is exempt.
The rate of tax is one per cent of the home’s assessed value.
A CBC report said that rental vacancy rate rose only 0.1% after the tax started. The report also said that the tax was going to bring the city $38 million. The city spent $10 million implementing this new tax in 2018.
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Empty Homes Tax Facts for Kids. Kiddle Encyclopedia.