Money collected from new speculation tax will go to affordable housing, such as is underway by Maple Ridge-Pitt Meadows Community Services on 119th Avenue.

Money collected from new speculation tax will go to affordable housing, such as is underway by Maple Ridge-Pitt Meadows Community Services on 119th Avenue.

Maple Ridge, Pitt Meadows part of speculation and vacancy tax

Watch the mail, fill out the form, or you’ll be taxed

Watch for the letter coming to your address soon.

The letter is coming to every residential address in Maple Ridge and Pitt Meadows.

And if you miss it and don’t respond online and declare your exemption from the speculation and vacancy tax, you’re going to pay thousands.

Letters from the Ministry of Finance, including declaration codes, go into the mail starting Friday and will go to every residential address in Metro Vancouver and the Fraser Valley, informing home, condo and townhouse owners that they have until March 31 to claim an exemption from the new speculation and vacancy tax.

Any homeowner who doesn’t declare an exemption will pay a tax of either 0.5 per cent of their property’s assessed value, if they’re a Canadian citizen or permanent resident, or two per cent if they’re foreign owners.

However, if your home is your principal residence where you live most of the year, and you’re a citizen or permanent resident, you’re exempt from paying the tax.

If the home or condo is rented out at least six months of the year, it also can be exempt. The province also tries to address a raft of other scenarios on its site.

If your home is in both spouses’ names, both you and your spouse have to apply.