Zoocasa, a full-service brokerage has released an analysis of the property tax rate in 35 Ontario cities. According to the report, residents of City of Toronto pays the lowest property tax rates, even though it is one of the most expensive in Canada (and Ontario).
Property taxes are calculated based on the home value assessed by the Municipal Property Assessment Corporation, Education Tax Rate, implemented by the province of Ontario, and the Residential Tax Rate determined by the city council.
Property Tax Rates in Ontario
Toronto’s tax rate is the lowest in the province at 0.614770 per cent. While Toronto homeowners pays $1537 in property taxes for $250,000 property, $3,074 for $500,000 property and $6148 for 1,000,000 property, Windsor homeowners have to shell out $4473, $8947 and $17894 in property taxes respectively.
The cities with the lowest property tax rates in Ontario:
- Toronto: 0.614770% ($3074 for $500K property)
- Markham: 0.659822% ($3299 for $500K property)
- Milton: 0.685776% ($3429 for $500K property)
- Richmond Hill: 0.688357% ($3442 for $500K property)
- Vaughan: 0.696147% ($3481 for $500K property)
The cities with the highest property tax rate in Ontario:
- Windsor: 1.789394% ($8947 for $500K property)
- Thunder Bay: 1.598484% ($7992 for $500K property)
- Sault Ste. Marie: 1.529349% ($7647 for $500K property)
- North Bay: 1.501246% ($7506 for $500K property)
- Sudbury: 1.461888% ($7309 for $500K property)
Though the property tax rates are lower Toronto and some of the other GTA cities, the higher property prices make up for the taxes collected.
Average Home Prices in Ontario
The average price of a home in GTA increased by 3.6 per cent compared to last June to $798,500, but those in Windsor-Essex region only saw a modest increase to $336,160.
Average price of GTA houses is well above $500,000 while average home prices for the three highest-taxed cities of Windsor, Thunder Bay, and Sault Ste. Marie (in the range of 1.7% – 1.5%) are below $350,000.
You can read the report on Zoocasa Website.