What is Speculation tax?
{{redlinks|date=March 2020}} The '''Speculation and vacancy tax''' is a provincial [[property tax]] levied in the Province of [[British Columbia]] starting in 2019. It is an [[opt-out]] tax paid when the property is [[vacant]]. It is paid in addition to the regular property tax.<ref>{{cite web | url=https://theprovince.com/business/real-estate/housing-matters-podcast-digging-deep-into-b-c-s-speculation-and-vacancy-tax/wcm/4324fcf9-8829-44ab-ac0d-3313cc7ded5c | title=Housing Matters podcast: Digging deep into B.C.'s speculation and vacancy tax }}</ref> The rate for this tax is a half per cent of a home's [[assessed value]] for owners who are [[resident]]s of British Columbia (BC), one per cent for Canadians from other provinces and two percent for owners from other countries. Homes that are not exempt from this tax, pay it in addition to their regular [[property tax]]. This tax is not to be confused with [[Empty Homes Tax|Vancouver's empty homes tax]], which is also being levied on empty homes located in the city of [[Vancouver]].<ref>https://www.cbc.ca/news/canada/british-columbia/need-to-know-bc-speculation-tax-1.4999882</ref><ref>{{cite web | url=https://www.nanaimobulletin.com/news/b-c-ndp-retreats-again-on-empty-home-tax-for-urban-areas/ | title=B.C. NDP retreats again on empty-home tax for urban areas - Nanaimo News Bulletin | date=18 October 2018 }}</ref> All owners of homes in [[British Columbia]] are invited to fill out applications for exemption from this tax every year. If a home is owned by more than one person, for example a couple, all owners must complete a separate application for exemption. A part-owner who does not file for an exemption must pay the tax based on their proportional part of the assessed value even if the home is occupied.<ref>{{cite web | url=https://www.vancourier.com/real-estate/essentials-to-know-about-your-speculation-and-vacancy-tax-declaration-1.23633286 | title=Essentials to know about your Speculation and Vacancy Tax declaration }}</ref> Tens of thousands of homeowners ha