Here are the cities in Ontario where you’ll pay the highest and lowest property taxes

Regardless of where you buy a home in Ontario, you’ll have to budget for a variety of expenses in addition to the home’s purchase price, such as your annual property tax.

Property tax rates, on the other hand, are not uniform across the province. Instead, they differ depending on the size of the municipality, the local housing market, and the operational budget of the city council. Surprisingly, because of the increased number of taxpayers and high real estate prices, large urban areas tend to have lower property tax rates. Rural areas, on the other hand, frequently impose a higher tax rate.

The value of your home has an impact on how much you wind up paying. A municipality’s property tax rate is multiplied by the assessed value of each home to determine how much the property owner owes in taxes each year. The assessed valuations of homes are generally updated every four years, however due to the pandemic, the most recent assessment, which was slated for 2020, was postponed until 2022. With property prices in Ontario soaring over the last year, homeowners may face a significant increase in taxes once assessments commence.

Zoocasa recently released a survey that examined which cities in the province have the highest and lowest property tax rates. And with the difference in taxes on a $500,000 property in the city with the highest tax rate vs the city with the lowest tax rate being several thousand dollars per year, it’s a factor you’ll want to consider.

Cities in Ontario with the lowest property tax rates:
Toronto: 0.611013
Markham: 0.632908
Richmond Hill: 0.659549
Vaughan: 0.669976
Milton: 0.683333

Cities in Ontario with the highest property tax rates:
Windsor: 1.818668
Thunder Bay: 1.59108
Sault Ste. Marie: 1.588067
North Bay: 1.568182
Sudbury: 1.546783

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