Owners of residential properties in North Cowichan, Lake Cowichan, Duncan and Ladysmith will have to fill out the speculation and vacancy tax declaration for the first time this year.
New areas added to the designated municipalities covered by the tax also include Lions Bay and Squamish.
Over the next few weeks, homeowners in those areas as well as Greater Victoria and dozens of other sa国际传媒 communities will start receiving declaration packages and a prompt to claim an exemption from the levy.
Homeowners in areas where the tax applies will then have until March 31 to claim their exemption.
The province says more than 99 per cent of all sa国际传媒 residents are exempt from the tax, which targets properties left vacant for months at a time.
The goal, according to the provincial finance ministry, is to thwart real estate speculation and encourage people to return empty homes to the market for rent or sale.
The majority of property owners who use their unit as a principal home, rent it out for more than six months of the year, or meet other exemption criteria do not have to pay the tax.
If owners are not exempt, they must pay their assessed amount by the first business day in July. A penalty may apply to owners who do not pay by the due date.
Homeowners can complete a declaration online (gov.bc.ca/spectax) as soon as they receive their package in the mail.
In Greater Victoria, just over 1,400 property owners must pay the tax, while more than 180,000 are exempt.
In 2022, more than $81 million was raised through the speculation and vacancy tax and the province has collected more than $313 million since 2018.
The money is used for affordable housing in areas where homeowners are subject to the tax.
The speculation and vacancy tax applies in 59 communities in sa国际传媒
Thirteen new communities, including Courtenay, Comox, Parksville, Qualicum and Cumberland on the Island, will be subject to the tax in 2025.
