Here is now Toronto`s property tax rates compared to other Ontario cities
Thursday Dec 03rd, 2020
While home prices are, of course, top of mind for any prospective property buyer, property taxes are not to be overlooked. And according to a new report from Zoocasa, Toronto’s are currently the lowest in the province.
As it stands, the city’s property tax rate is 0.599704%, hovering below Markham’s 0.628191%. Meanwhile, the province’s highest property tax rates will currently be found in Windsor, with a rate of 1.775679%, and following that city, Thunder Bay’s rates are at 1.562626%.
“It’s important to note that this does not mean that every homeowner in Windsor is paying more in property taxes than a homeowner in Toronto,” explains the report. “There are a number of factors at play.”
Essentially, property tax can be calculated by multiplying a home’s most recent value assessment by the residential rate set by the home’s local municipality. In Ontario, these calculations are based on a home’s value, the Education Tax Rate, and the Residential Tax Rate.