What Is Vacant Property Tax In Toronto
Vacant Property Tax In Toronto at a glance.
Vacant property tax in Toronto refers to a tax imposed by the City of Toronto on owners of properties that are deemed to be vacant.
The tax rate for the vacant property tax is on the the assessed value and is levied annually. The purpose of the tax is to encourage property owners to put their vacant properties to productive use, either by renting them out or by selling them, so as to benefit the local community and stimulate economic growth.
To determine if a property is eligible for the vacant property tax, the City of Toronto conducts regular inspections and considers factors such as the length of time the property has been vacant and whether the owner has taken steps to rent or sell it.
If you live in Toronto, and believe you are one of those affected, its better idea to visit City of Toronto for updates.