In recent years, the issue of vacant homes in Toronto has become a growing concern for city officials and residents alike. In an effort to address this issue, the city has implemented a Vacant Home Owner Tax (VHOT). The tax is intended to encourage property owners to put their vacant homes back into use, either by renting or selling them.
The VHOT is a 1% tax on the assessed value of a vacant home. This means that if a home is assessed at $500,000, the owner would be required to pay $5,000 in taxes. The tax applies to homes that are vacant for more than 183 days in a calendar year and is in addition to the standard property tax.
The goal of the VHOT is to encourage property owners to put their vacant homes back into use, which will help to alleviate the housing crisis in Toronto. By making it more expensive to keep a home vacant, the city hopes to incentivize owners to either rent or sell their properties, increasing the availability of housing for residents.
While the VHOT is intended to be a positive step towards addressing the housing crisis in Toronto, it is important to note that it is not a perfect solution. Some property owners may choose to simply pay the tax rather than put their homes back into use, or falsely declare on the form. What do you think about the VHOT? Share with me below.
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