So far about 98% of the city's homeowners have declared their properties. Of those a total of 6,349 were either declared vacant by the owner or claimed an exemption, with many of them ending up being taxed.
The homeowners that have not declared, which is about 2%, or about 2,132 homes will automatically be deemed vacant and will be issued a tax bill this month, with a payment deadline of April 16th. If each of these property's is worth about $1 million, as most of them are condos, that would raise about another $21 million in tax revenue.
The empty home tax is 1% of the property's assessed value.
Will this be enough to encourage most of these 8,000 plus properties to became rentals? Is this a step in the right direction?