Empty Homes Tax
Homes that are deemed empty will be subject to a tax of 1% of the property’s assessed value.
The Empty Homes Tax will be applied annually, with the first tax year beginning on January 1, 2017.
Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented on a long-term basis.
Net revenues from the Empty Homes Tax will be reinvested into affordable housing initiatives.