Toronto has decided to extend the deadline for declaring the vacant home tax, giving homeowners an additional two weeks to submit their occupancy status or face fees.

The city will continue to accept applications until March 15.

The vacant home tax is imposed on owners who leave their properties vacant for more than six months in the calendar year.

For 2023, the tax rate is 1 percent, meaning the tax on a property worth one million dollars is $10,000.

In the 2024 tax year, and every year thereafter, the tax rate will be 3 percent after council approval in October (i.e., $30,000 on a home worth one million dollars).

Most homeowners will not have to pay the tax, but every homeowner still has to declare their occupancy status or pay a fee of $21.24.

The original declaration deadline was February 29, but the city’s executive committee recommended extending it after receiving declarations for only 63 percent of residential properties.

The Toronto city council will consider the proposal at its next meeting.

The tax was imposed to increase housing in the city by discouraging owners from leaving their residential properties vacant.

Homeowners can submit their declaration online through the city portal.