They Pay What?! Property Taxes Revealed
Toronto homes cost more, yes. The City has its own Land Transfer tax, true. But is everything more expensive in the Big Smoke? Surprisingly, the answer is no.
The debate on Toronto’s Land Transfer Tax is certain to heat up in the coming months and is another one of Ford’s broken promises (seriously, is this really what taking care of your health looks like?!). Home buyers who are thinking of purchasing outside the city in hopes of avoiding this expense may want to compare another home ownership cost: property tax. Did you know that buying a $600,000 home in Pickering will cost you $3,400 more a year in property taxes? Property taxes vary across GTA’s municipalities, and in 2013, Toronto’s were the lowest! By contrast, Oshawa had highest in the GTA. Way to be frugal Toronto.
Check out how Toronto’s property tax compares to the rest of the GTA, and for fun, see how we stand up to other notable North American cities below.
| 2013 Residential Property Taxes – North American Cities | ||||
|---|---|---|---|---|
| Municipality | Rate | $300,000 | $600,000 | $900,000 |
| Toronto | 0.0075 | $2,250 | $4,500 | $6,750 |
| Calgary | 0.0063 | $1,890 | $ 3,780 | $5,670 |
| Ottawa* | 0.0117 | $3,519 | $7,038 | $10,557 |
| Vancouver | 0.0038 | $1,140 | $2,280 | $3,420 |
| Chicago (2012)** | 0.0179 | $5,370 | $10,740 | $16,110 |
| New York*** | 0.0114 | $3,420 | $6,840 | $10,260 |
| 2013 Residential Property Taxes – Greater Toronto Area | ||||
| Municipality | Rate | $300,000 | $600,000 | $900,000 |
| Toronto | 0.0075 | $2,250 | $4,500 | $6,750 |
| Peel/Halton | Rate | $300,000 | $600,000 | $900,000 |
| Brampton | 0.0116 | $3,480 | $6,960 | $10,440 |
| Mississauga | 0.0092 | $2,760 | $5,520 | $8,280 |
| Oakville | 0.0091 | $2,730 | $5,460 | $8,190 |
| York | Rate | $300,000 | $600,000 | $900,000 |
| Markham | 0.0087 | $2,610 | $5,220 | $7,830 |
| Richmond Hill | 0.00891 | $2,673 | $5,346 | $8,019 |
| Vaughan | 0.00897 | $2,691 | $5,382 | $8,073 |
| Aurora | 0.01 | $3,000 | $6,000 | $9,000 |
| Newmarket | 0.0105 | $3,150 | $6,300 | $9,450 |
| Durham | Rate | $300,000 | $600,000 | $900,000 |
| Pickering | 0.0132 | $3,960 | $7,920 | $11,880 |
| Ajax | 0.0133 | $3,990 | $7,980 | $11,970 |
| Whitby | 0.0135 | $4,050 | $8,100 | $12,150 |
| Oshawa | 0.0162 | $4,860 | $9,720 | $14,580 |
*Ottawa Tax rates can vary by area and services provided. Above is an estimate for a Full Service Transit Property **The Average City of Chicago Homeowners are subject to a Homeower Exemption which reduces the assessment value of the home. An average exemption has been included when calculating the estimate property taxes at various prices. This information was obtain from CookCounty Assessor ***New York Tax Relief Exemptions exist based on Income, Age, Primary Residence and Veteran Status. In New York Assessed Value cannot increase more than 6 percent each year or more than 20 percent in five years.
