Zoocasa, a full-service brokerage has released an analysis of the property tax rate in 35 Ontario cities. According to the report, residents of the City of Toronto pay 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 0.599704 per cent. While Toronto homeowners pays $1499 in property taxes for $250,000 property, $2999, for $500,000 property and $5997 for 1,000,000 property, Windsor homeowners have to shell out $4439, 8878, and $17,757 in property taxes respectively.
The nation’s capital has a property tax rate of 0.959595% and Ottawa home owners pay approximately $2399 for $250,000 property, $4798 for $500,000 property and $9595 for 1,000,000 property.
The cities with the lowest property tax rates in Ontario:
- Toronto: 0.599704% ($2999 for $500K property)
- Markham: 0.628191% ($3141 for $500K property)
- Richmond Hill: 0.653108% ($3266 for $500K property)
- Vaughan: 0.665259% (3326 for $500K property)
- Milton: 0.668702% (3344 for $500K property)
The cities with the highest property tax rate in Ontario:
- Windsor: 1.775679% ($8878 for $500K property)
- Thunder Bay: 1.562626% ($7813 for $500K property)
- Sault Ste. Marie: 1.530970% ($7655 for $500K property)
- North Bay: 1.528326% ($7642 for $500K property)
- Sudbury: 1.492189% ($7461 for $500K property)
Though the property tax rates are lower in Toronto and some of the other GTA cities, the higher property prices make up for the taxes collected.
Average price of GTA houses is well above $700,000 while average home prices for the three highest-taxed cities of Windsor, Thunder Bay, and Sault Ste. Marie (in the range of 1.8% – 1.5%) are well below $450,000.
Ontario Cities with the Lowest and Highest Property Tax Rates for 2020
You can read the report on Zoocasa Website.
It is a small City, but I really wish The City of Timmins was added to this list, especially because they sit at 1.83% making them higher then Windsor. Of course, because not of the websites count us, the City gets worst and worst raising taxes and costs from everything they can get their greedy fingers on. Fastest rising taxes over the passed decade, and raising the costs of literally EVERYTHING while providing less and less.
Please, add the City to your list to shine a light on the situation.