Ontario Vacant Home Tax Key Tax Deadlines - Introduction
Ontario property owners are gearing up for important tax-related deadlines today [29 February 2024] affecting a wide range of areas from the Vacant Home Tax in Toronto to tax relief applications and charity rebates.
Being proactive and well-informed about these deadlines is crucial for managing property taxes effectively.
Toronto's Vacant Home Tax
A notable deadline for Toronto homeowners is the requirement to declare the 2023 occupancy status of their residential properties by 29 February 2024.
This declaration is mandatory for all residential property owners, including those whose properties are their primary residences, are tenanted, or qualify for an exemption.
Failure to submit this declaration will result in the property being presumed vacant and subject to a Vacant Home Tax of 1% of its current assessed value, alongside a fee of $21.24.
Owners who dispute their Vacant Home Tax assessment can file a complaint via the city's online portal starting in early April.
Cancellation, Reduction, or Refund of Taxes
The deadline also looms for Ontario property owners seeking tax relief due to various circumstances such as changes in tax classification, land vacancy, exemption status, property damage, inability to pay taxes due to sickness or poverty, removal of a mobile unit, overcharging due to clerical errors, or due to renovations inhibiting property use.
Applications for tax relief must be submitted to the relevant Ontario municipality by 29 February 2024.
Charity Rebates
Registered charities operating within commercial or industrial tax classes in Ontario may be eligible for a 40% rebate on their realty taxes if they apply by the February 29 deadline and meet all requirements.
Heritage Property Tax Relief
Ontario municipalities have the discretion to offer property tax relief ranging from 10% to 40% to owners of eligible heritage properties, as per section 365.2 of the Municipal Act, 2001.
The adoption of this program requires a municipal bylaw, and program details, including application deadlines, may vary by municipality.
Conclusion - Ontario's Vacant Home Tax
For most people, the 29 February 2024 is an extra day in the calendar. For those with vacant properties in Ontario, it is also the deadline for them to sort out a number of property tax issues.
Final thoughts
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