Homeowners who haven't declared their property's status for Vancouver's Empty Homes Tax for 2020 have just four weeks left to avoid incurring a fine.

The city issued a reminder in the form of a release today (January 5) that announced that only 46 percent of residential property owners have complied so far.

Most homes will not be subject to the tax, the city said, but all homeowners are required to make one declaration per residential property.

The tax was established in the 2017 tax year and amounts to 1.25 percent of a property's assessed taxable value. (The city has announced that this rate will more than double, to three percent, for the 2021 tax year.)

Property owners' who declare after the deadline of February 2, 2021, will be subject to a fine of $250.

The city said in the release that since the program's implementation, more than $61.3 million in net revenues has been raised through the tax to fund affordable-housing initiatives.

For help, you can call 3-1-1 between 7 a.m. and 10 p.m. daily (outside Vancouver, call 604-873-7000).

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Source:  The Georgia Straight