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Property tax – how much will you pay?

January 9, 2025   ·   0 Comments

By Brian Lockhart

If you are a home or property owner, you will be required to pay tax on the property you own based on the assessed value of that property.

Property tax has two components – a municipal portion and an education portion.

The rates for the municipal portion of the tax are established by each municipality. In a two-tiered municipality, a component of the rate is set by the upper tier and one is set by the lower tier municipality.

The rates for the education portion of the tax are established by the provincial Minister of Finance. These rates help to fund the elementary and secondary education system in Ontario.

Property taxes are calculated using the Current Value Assessment of a property as determined by the Municipal Property Assessment Corporation, and multiplying it by the combined municipal and education tax rates for the applicable class of property.

Your local municipality is responsible for the preparation of your tax bill. For more information on your property, including your property tax bill, contact the finance or treasury department of your local municipality.

If you have property that is located in an unincorporated territory of Ontario, the property tax is collect through the Provincial Land Tax program by the Provincial Land Tax Office in Thunder Bay.

Properties are assessed for property tax purposes by the Municipal Property Assessment Corporation. Property assessments are based on the current value of properties as of a legislated valuation date, which is currently January 1, 2016.

If certain types of changes occur on a property during a tax year, such as new construction or an ownership change, MPAC mails an updated assessment notice following the change.

An assessment notice is not a tax bill – municipalities send tax bills to property owners annually. 

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