Homeowners in Toronto have until the end of the month to submit their 2023 occupancy status or face non-declaration fees.

The city's Vacant Home Tax (VHT) imposes fees on owners who leave their properties vacant for more than six months in the calendar year, and for 2023, the tax rate is 1 percent, meaning the tax on a property valued at one million dollars according to Toronto's Current Value Assessment (CVA) is $10,000.

Now, in its second year, the tax aims to increase housing in the city by discouraging owners from leaving their residential properties vacant, and for the 2024 tax year, and each year thereafter, the tax rate will be 3 percent after council approval in October (i.e., $30,000 on a million-dollar home).

However, although most will not have to pay the tax, the city said every homeowner must declare their occupancy status by February 29 or pay a fee of $21.24.

Homeowners can submit their declaration online on the city's portal here.

The city said it will send "Vacant Home Tax Assessment Notices" to declared or deemed vacant homes, and homeowners who have not submitted a declaration will be considered to have vacant properties and will receive notices by the end of March.

The city explained: "Property owners who disagree with the VHT assessment can file a complaint through the online portal starting in early April."

The city said that property owners who do not have computer access can authorize someone to submit the applications online on their behalf.