The deadline to declare a property’s occupancy status for the 2023 taxation year is set for February 29, 2024. As part of the vacant home tax program, the City of Toronto sent out a reminder that all residential owners are to submit a declaration, even if they live at the property.

A property is subject to the tax if it is not the principal residence of the owner or permitted residents, is unoccupied for more than six months and does not qualify for an exemption or is a property where no declaration is submitted.

This can be completed online or by submitting a paper declaration form available at property tax and utility customer service counters at Toronto City Hall and all civic centres, or by contacting 311.

For 2023, the tax is one per cent of the property’s current value assessment. A fee of $21.24 will be charged for failing to submit a declaration of occupancy status by the deadline.

In October, Toronto City Council approved an increase in the tax rate for vacant properties from one per cent to three per cent for the 2024 taxation year, which will become payable in 2025.

The following owners are not subject to the vacant home tax:

• properties that are the principal residence of the owner
• properties that are the principal residence of a permitted occupant or occupied by a tenant (including business tenants)
• properties that qualify for an exemption

Funds acquired from tax program are expected to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied – and instead making them available for rent or for sale.

Collected revenues will be allocated towards affordable housing initiatives including the Multi-Unit Residential Acquisition (MURA) program.