All five cities with the lowest rates are in the GTA
Five cities in the Greater Toronto Area have the lowest property tax rates in Ontario, according to a report from real estate brokerage Zoocasa.
Property taxes are largely calculated as a percentage of a property’s value – however, Zoocasa said that rates vary across the province based on municipalities’ size, councils’ operating budgets, and the value of local housing markets.
Read more: What a luxury homes tax could mean for Toronto’s housing market
For its report, Zoocasa compiled 2021 property tax rates for 35 Ontario municipalities and calculated how much homeowners would pay in taxes in each municipality based on four sample assessment values: $500,000, $750,000, $1 million, and $1.5 million.
Toronto was revealed as having the lowest property tax rate in Ontario at 0.61%. This was followed by the GTA cities of Markham (0.63%), Richmond Hill (0.65%), Vaughan (0.66%), and Milton (0.68%).
On the other end of the spectrum, Windsor in Northern Ontario had the highest property tax rate at 1.81%, followed by Thunder Bay (1.59%), Sault Ste. Marie (1.58%), North Bay (1.56%), and Sudbury (1.54%).
Zoocasa warned, however, that buyers “should consider the big picture of their lifestyle and financial needs when determining what properties, budget or cities fit them best – property taxes are just one financial consideration to be aware of.”
