Your Property Taxes! Let’s jump right in and talk about property taxes. You may wonder, ‘Why do I have to pay property taxes?’ or you might think, ‘How do they calculate property taxes?’ I hope to share some insight on this topic with you below.
Here’s how your property taxes are calculated. Different factors mentioned below are taken into consideration when calculating your property tax. Those factors are…
- Property Type
- Property Assessment
- Municipal Tax Rate
- Education Tax Rate
Another point, property tax is calculated by adding the municipal tax rate and education tax rate together and then multiplying the assessed value of your property. In fact, you can find your municipal and education tax rates on your municipality website. Your property’s assessed value will then come from MPAC. If you are curious, after you have these numbers, you can then give yourself an estimate of your taxes for the year.
Ontario Tax Rates
As you may know, cities in Ontario have different tax rates. As a result, Windsor had the highest tax rate in 2022, and Toronto had the lowest in Ontario. Listed below are a few areas in Ontario. As you can see, the tax rates are all different.
- Windsor – 1.853760%
- North Bay – 1.619120%
- Peterborough – 1.491444%
- Hamilton – 1.245249%
- Ajax – 1.116443%
- Newmarket – 0.81062%
- Oakville – 0.732324%
- Toronto – 0.631933%
Are you surprised by any of the property tax rates? Windsor had the highest rates did surprise me. After all, if you have any questions about property taxes, contact me, and I can guide you to an appropriate third party!
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Property tax rates source: Taken from each municipality’s website.