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The goal of the vacant home tax is to increase the supply of housing by discouraging homeowners from leaving their properties unoccupied, the city said.The tax — one per cent of the current value assessment — will be imposed on all residences in the city that are declared, deemed or determined to be vacant.
However, the tax doesn’t apply to properties that are the principal residence of the owner, homes that are the principal residence of an occupant or tenant or properties that qualify for an exemption.The city said money collected from the Vacant Home Tax will be “allocated towards affordable housing initiatives.”
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