City of Toronto Property Tax 2024: Property Tax Fees, Special Charges & More

News: As a proud resident of Toronto, it’s essential to stay informed about property taxes. Let’s break down the details for 2024, including fees, special charges, and how it all affects your wallet.

Property Tax Rates

The City of Toronto calculates property taxes based on your property’s assessed value. Here are the key rates for 2024:

Residential Properties:

• City Tax Rate: 0.554586%
• Education Tax Rate: TBA
• City Building Fund: 0.007703%
• Total Tax Rate: TBA

Multi-Residential Properties:

• City Tax Rate: 1.004080%
• Education Tax Rate: TBA
• City Building Fund: 0.005398%
• Total Tax Rate: TBA

Commercial Properties:

• City Tax Rate: 1.339053%
• Education Tax Rate: TBA
• City Building Fund: 0.009624%
• Total Tax Rate: TBA

Industrial Properties:

• City Tax Rate: 1.386700%
• Education Tax Rate: TBA
• City Building Fund: 0.019256%
• Total Tax Rate: TBA

These rates are subject to City Council approval on April 17, 2024. Stay tuned for updates!

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How Your Property Tax Bill Is Calculated

Your property tax bill is a combination of several factors:

1. Assessed Value: Determined by the Municipal Property Assessment Corporation (MPAC).

2. City Tax Rate: Approved by City Council.

3. Education Tax Rate: Set by the Government of Ontario.

4. City Building Fund Levy: Supports capital projects like transit and housing.

Example Calculation

Let’s say your residential property has an assessed value of $694,381. Here’s how you estimate your property tax:

Multiply the assessed value by the total residential tax rate (excluding education rate):

• $694,381 × 0.562289% = $3,904 (excluding education taxes)

City Building Fund Levy

The City Building Fund Levy helps fund essential projects. It increased by 1% in 2020 and 2021, with an additional 1.5% annually from 2022 to 2025. These investments benefit our city’s future.

Special Charges

Special charges are part of your property tax instalment schedule. Examples include:

• Areaway Charges
• Business Improvement Area (BIA) Levies
• Local Improvement Charges
• Repayment of the Home Energy Loan Program (HELP)

FAQs

Q1: How can I pay my property tax in Toronto?

A1: There are several ways to pay your property tax in Toronto. You can pay online, by mail, or in person at your bank or City Hall.

Q2: Are there any special charges included in the property tax?

A2: Yes, there can be special charges included in your property tax. These can include charges for waste management, water, and other city services.

Q3: Can I get a rebate on my property tax?

A3: Yes, the City of Toronto offers several property tax rebate programs. These programs are designed to help seniors, low-income individuals, and people with disabilities.

Q4: What happens if I don’t pay my property tax?

A4: If you don’t pay your property tax, the City of Toronto can take legal action to recover the owed taxes. This can include placing a lien on your property or selling it to recover the owed taxes.

Disclaimer: Please note that all content and tools on this website are provided for your convenience and are offered “as is” without warranties. The information provided, including any tool-generated output, is for informational purposes only and should not be considered investment advice or guarantees. Exercise caution, seek professional advice, and make independent judgments before acting on any information found on this site.