{"id":16695,"date":"2021-11-10T01:00:00","date_gmt":"2021-11-10T06:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=16695"},"modified":"2021-11-10T14:52:21","modified_gmt":"2021-11-10T19:52:21","slug":"ontario-property-tax-rates","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/ontario-property-tax-rates\/","title":{"rendered":"Ontario Cities with the Highest and Lowest Property Tax Rates [REPORT]"},"content":{"rendered":"\n

Note: This 2021 report is an update of our 2020 Ontario property tax rate findings.<\/a><\/em><\/strong><\/p>\n\n\n\n

When setting their buying budgets, would-be homeowners typically focus on the upfront costs such as the down payment, closing costs, and land transfer tax. They\u2019ll also look to ongoing carrying costs, like monthly mortgage payments and utilities, to determine their overall affordability.<\/p>\n\n\n\n

But, there is one expenditure that is sometimes left out of the big picture, and it can cost thousands of dollars per year: paying property taxes.<\/p>\n\n\n\n

Paying your taxes will be a financial obligation over the course of your home\u2019s ownership, so it\u2019s important to understand how they may impact your household\u2019s bottom line. This is especially noteworthy in today\u2019s pandemic-era housing market; as many Ontarians have switched from urban to small-town or rural living, they may not realize that while their home has a relatively smaller price tag, it may come with a higher tax rate.

That\u2019s because property tax rates vary across the province, based on municipalities\u2019 size, councils\u2019 operating budgets, and the value of local housing markets. Typically, larger urban centres, such as the City of Toronto, can offer lower property tax rates due to a larger pool of taxpayers, and higher real estate prices. A town or rural community, meanwhile, will often implement a higher tax rate due to a smaller population and potentially fewer resources to service the area.<\/p>\n\n\n\n

Did You Move During the Pandemic? Here\u2019s Why You Should Pay Attention <\/h2>\n\n\n\n

Your municipality\u2019s tax rate is just one factor; the second element is the most recent value assessment of your home, which is determined by the  Municipal Property Assessment Corporation (MPAC). The amount you actually pay in tax is calculated by multiplying your city\u2019s residential tax rate by this assessment value.<\/p>\n\n\n\n

MPAC usually provides this assessment every four years, and 2020 was slated for the next update; however, as part of COVID-19 tax relief efforts, they\u2019ve opted to freeze property value assessments at 2016 levels through the 2024 tax year<\/a>, providing locals and newly-relocated homeowners a temporary reprieve.<\/p>\n\n\n\n

However, as Ontario home prices saw unprecedented growth over the last year – the benchmark home value for the province rose 19.7%<\/a> between September 2020 and 2021, with the average property selling for more than $1 million in many local markets – it\u2019s important for homeowners to be aware of how their value assessments may change over the coming years.<\/p>\n\n\n

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@zoocasa<\/a> How does your city stack up? #torontolife<\/a> #torontorealestate<\/a> #ontariotiktok<\/a> #ontariocanada<\/a> #gtarealestate<\/a> #foryou<\/a> #foryoupage<\/a> \u266c Road Trip with Ali – Mint Fin<\/a> <\/section>\n<\/blockquote>\n