Homeowners can expect a declaration letter regarding B.C.’s new speculation and vacancy tax (SVT) in their mailbox by the end of February.
That declaration is expected to be completed by those who own residential before the end of March.
It’s estimated that over 99% of British Columbians will be exempt from the SVT, however, homeowners must register to claim their exemption.
The declarations are expected to take roughly 20 minutes to fill out and each owner of the property must complete one, even if the owner is a spouse.
Kelowna and West Kelowna are impacted by SVT, which is intended to levy a tax against homes that are left unoccupied for six months of more within a calendar year.
Residential property owners who do not complete their declaration before April 1, 2019, will receive a tax notice of assessment.
Owners whose property is not exempt from the tax have until July 2, 2019, to pay their assessed tax.
For more information regarding the SVT, click here.
