Property tax rates depend on home value, population of the area, and the municipality’s residential rate, according to Zoocasa. – Pexels photo
Depending on where you live in Ontario, property tax rates could be costing you thousands of dollars more annually than residents of other municipalities.
This is more likely to be the case if you purchase a home in a relatively affordable area, or a city with a smaller population.
According to a recent report released by Zoocasa, these rates vary significantly across municipalities. And in the current climate, as more and more Ontarians move out of big cities due to COVID-19, property tax is an important variable to consider, Jannine Rane, head of communications for Zoocasa, said.
Here are the top 10 cities with the highest — and lowest — property tax rates, according to data collected by the real estate agency for September and October 2020:
Top 10 Ontario cities with the highest property tax rates
1) Windsor: 1.775679%
2) Thunder Bay: 1.562626%
3) Sault Ste. Marie: 1.530970%
4) North Bay: 1.528326%
5) Sudbury: 1.492189%
6) St. Catharines: 1.432167%
7) Peterborough: 1.401679%
8) London: 1.348259%
9) Kingston: 1.330855%
10) Orangeville: 1.310505%
Top 10 Ontario cities with the lowest property tax rates
1) Toronto: 0.599704%
2) Markham: 0.628191%
3) Richmond Hill: 0.653108%
4) Vaughan: 0.665259%
5) Milton: 0.668702%
6) Oakville: 0.70997%
7) Aurora: 0.752897%
8) Burlington: 0.760563%
9) Halton Hills: 0.778645%
10) Newmarket: 0.783889%
Property taxes are based on the current value of a home and the residential rate determined by each municipality.
Municipalities that have larger populations and higher average home prices tend to have more flexibility to keep property tax rates low, because the amount collected in total is higher, Rane added.
To view the full report, visit zoocasa.com.