Toronto Property Tax Calculator 2023
The City of Toronto is experiencing financial pressure in the long and short term, with an estimated pressure of $1.5 billion on the 2024 operating budget. The city is planning several measures to ease the pressure, one of which is an increase in land transfer taxes for luxury homes, which is expected to take effect on Jan 1, 2024. Currently, all homes sold for over $2 million are subject to a municipal land transfer tax of 2.5%; however, if the proposed changes are approved by the city council, homes sold for over $3 million will be subject to a 3.5% municipal land transfer tax.
Another measure being considered includes increasing the Vacant Home Tax to 3% from the current 1%.
The City of Toronto is the capital city of Ontario and is located north of Lake Ontario in the Greater Toronto Area. Toronto is the most populated city in Canada, with over 2.79 million residents. The population of Toronto increased by 2.3% from 2016 to 2021. Toronto real estate prices have increased by 5% from July 2022 to July 2023, with the average sold price of a house being $1.07M in July 2023. Condominiums are by far the most commonly sold property type on the Toronto Housing Market, accounting for over 50% of sales volumes, followed by sales of single-family detached houses and townhouses, respectively. From a long-term perspective, the average home price in the City of Toronto has increased by approximately 99% in the 10-year period from July 2013 to July 2023. Homeowners of homes that were vacant for over six months in a year are also required to pay a Vacant Home Tax in addition to the property taxes.
Toronto property tax is based on the assessed value of your home. Every four years, the Municipal Assessment Corporation (MPAC) conducts an evaluation of properties all over Ontario and submits assessed values for each of them. This assessed value can differ significantly from the market value of your property. Your final property tax amount is calculated by multiplying the Toronto final property tax rate for the year by the MPAC property assessed value.
You can calculate your property tax using either your home's MPAC assessed value or your home's most recent market price. Just enter the price and type of your property, and we will give you an instant property tax estimate.
I know my home’s MPAC Assessed value
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2023 Tax rates for Cities Near Toronto
| City | Final Tax Rate |
|---|---|
| Vaughan | 0.695093 % |
| Mississauga | 0.881540 % |
| Markham | 0.662708 % |
| Richmond Hill | 0.691472 % |
Toronto Property Taxes
Property tax is a tax based on the assessed value of a property. If you own a property or parcel of land, you will have to pay property tax. It is used to pay for city services such as police, the fire department, and public transit as well as elementary and secondary education.
There are two main parts to a property tax:
- A municipal tax that depends on the municipality of the property
- An education tax that is the same throughout Ontario.
Some cities may add additional taxes. For example, the City of Toronto has a City Building Fund Levy that is used for public transit and housing projects in the city.
Property tax rates also depend on the type of property. Common major categories are Residential, Multi-Residential, Commercial, Industrial and Farmland. Almost all homes will apply under Residential property tax rates.
| Residential Property Tax Rate for Toronto from 2010 to 2023 | |||
|---|---|---|---|
| Year | Municipal Rate | Educational Rate | Final Tax Rate |
| 2023 | 0.506079% | 0.153000% | 0.666274% |
| 2022 | 0.472052% | 0.153000% | 0.631933% |
| 2021 | 0.451291% | 0.153000% | 0.611013% |
| 2020 | 0.440230% | 0.153000% | 0.599704% |
| 2019 | 0.451568% | 0.161000% | 0.614770% |
| 2018 | 0.463237% | 0.170000% | 0.635505% |
| 2017 | 0.480293% | Not Available | 0.661647% |
| 2016 | 0.497029% | Not Available | 0.687973% |
| 2015 | 0.508119% | Not Available | 0.705604% |
| 2014 | 0.517465% | Not Available | 0.723009% |
| 2013 | 0.533765% | Not Available | 0.746000% |
| 2012 | 0.550198% | Not Available | 0.771198% |
| 2011 | 0.561922% | Not Available | 0.792922% |
| 2010 | 0.589570% | Not Available | 0.830570% |
Toronto Property Tax Department Information
For any questions or inquiries about your property tax rate or property tax bill, you can reach out to the city of Toronto's property tax department through the following methods:
| Phone number | 416-392-2489 |
|---|---|
| 311@toronto.ca |
Toronto Property Tax Department Information
For any questions or inquiries about your property tax rate or property tax bill, you can reach out to the city of Toronto's property tax department through the following methods:
| Phone number |
|---|
| 416-392-2489 |
| 311@toronto.ca |
Toronto Property Tax Lookup
Homeowners and landlords in Toronto have a property tax account registered with the City of Toronto. You can find information about your total property tax bill, payment history, future payments, payment program and schedule, as well as change your mailing address and how to make an online payment.
You can find information about your property tax bill online
How to check your City of Toronto property tax account
You will need the following information from your property tax bill: your Assessment Roll Number, Last Name or Business Name, Postal Code, and Customer Number. You can then go to City of Toronto Property Tax Lookup to login with your information.
| Toronto at a Glance | |
|---|---|
| Province | Ontario |
| Settled Year | 1750 |
| Established Year | 1793 |
| Incorporated Year | 1834 |
| Population | 2,794,356 |
| City Area | 630.20 km 2 (243.32 sq mi) |
| Official Website | Toronto Official Website |
Property Taxes in Ontario for a $500K MPAC Assessed Value Home*
Assessed Value of a Property
Property value assessments in Ontario are conducted every four years by the Municipal Property Assessment Corporation (MPAC). They conduct assessments for all types of property in Ontario ranging from residential properties to farms to commercial properties. For residential properties, they use a number of factors, including market price, to determine the assessed value of a property. While they release overviews of their valuation guidelines, there is no transparency in the assessment of a specific property.
Homeowners may find that the assessed value of their property differs significantly from its market price. There is also no way to retrieve and compare the assessed value of other properties.
Property Taxes in Ontario for a $500K Fair Market Value Detached Home*
How We Calculate Your Property Tax
If you entered your home's Provinical Assessment value, we calculate your property tax by multiplying your Assessment value by Toronto's final property tax rate.
Property Tax of Other Cities in Ontario
High Toronto property prices could result in a steep mortgage. To stay in control of your debt and potentially save thousands of dollars, take a look at the most affordable mortgages in Toronto.