Toronto Property Tax
One of the many concerns of a new homeowner is Property Tax. This page is a great resource for all things Toronto Property Tax.
How Much is Toronto Property Tax?
Toronto property taxes are based on the MPAC-Assessed value of your home.
Every four years, the Municipal Property Assessment Corporation (MPAC) determines the actual value of your home. This value is typically far below the market rate. Over the following four years, the Value is “phased in” based on the previous Assessment value. This ensures a steady property tax increase over time to reflect land appreciation, and allows for adequate financial planning on the homeowner and city perspective.
For example, if your home Was assessed at $1,000,000 in 2016, and re-assessed at $2,000,000 in 2020, then your “phased in value” would look something like this:
The City of Toronto then uses the amount for each listed year to determine your Toronto Property Tax.
Toronto Property Tax Rate
The City of Toronto changes its tax rates every year. Current Rates are available here.
Alternatively, if you know the phased-in value of your home, you can use the City of Toronto’s Property Tax Calculator.
When Are Toronto Property Taxes Due?
The City of Toronto lets residents pay Toronto Property Taxes in 2, 6, or 11 installments. Most financial institutions also allow taxes to be included into the monthly mortgage payment, eliminating the need for homeowners to worry about due dates and deadlines.
How Do I Pay Toronto Property Tax Online?
You can Pay your Toronto Property Tax online through most financial institutions “Bill Pay” Systems. The City of Toronto also allows residents to pay via mail, pre-authorized payment, or in-person. Full details can be found on the City of Toronto Website.
Still have questions or concerns about your Toronto Property Tax? Contact us with questions.