Richard White
Senior Member
True.. but nobody wants to be the person who forced the nice little elderly woman out of her home due to rising taxes.
|
|
|
- Thread starter MetroMan
- Start date
True.. but nobody wants to be the person who forced the nice little elderly woman out of her home due to rising taxes.
Northern Light
Superstar
Property Taxes on single family homes in Toronto are well below those in surrounding municipalities.
If the average homeowners in Markham, Mississauga, Whitby and Oakville are able to pay their property tax, a number, on average, more than 40% higher than what an average Toronto owner would pay, I think there's a fair bit of wiggle room to raise the number.
Northern Light
Superstar
Non-issue, Toronto has a program specifically for seniors allowing them to defer a portion of their property taxes and then they are collected either on sale (while living) or from the estate thereafter.
afransen
Senior Member
Won't stop The Star from running sob story articles about poor grannies being forced out of 4 bedroom houses by unfair tax hikes.
lead82
Senior Member
Do you have evidence of this? I live in Toronto and the house taxes are pretty high considering the houses in Toronto generally take up less space and are usually smaller in sq ft. This is for older homes built before the 70s.
Northern Light
Superstar
Yes, I do.
Five Ontario cities with the lowest and highest property tax rates revealed
The five Ontario cities with the lowest and highest property tax rates in the province have been revealed.
That's property tax by .mil rate across the GTA and select other Ontario cities (% of assessed value).
Toronto is the lowest.
Here, you can see what that looks like in average payment, on average home price, in each area:
How much property tax will you pay in these GTA cities? | Livabl
Because the rate homeowners are taxed varies between municipalities, some will shell out a lot more for it each year than others.
www.livabl.com
* note again, this is % of value, not based on ft2.
lead82
Senior Member
Ok it looks like Toronto has the lowest mil rate which would make sense as we are the densest in the region and have the most scale.Yes, I do.
Five Ontario cities with the lowest and highest property tax rates revealed
The five Ontario cities with the lowest and highest property tax rates in the province have been revealed.toronto.ctvnews.ca
That's property tax by .mil rate across the GTA and select other Ontario cities (% of assessed value).
Toronto is the lowest.
Here, you can see what that looks like in average payment, on average home price, in each area:
How much property tax will you pay in these GTA cities? | Livabl
Because the rate homeowners are taxed varies between municipalities, some will shell out a lot more for it each year than others.www.livabl.com
* note again, this is % of value, not based on ft2.
However as Toronto’s land value is higher the actual amount paid is higher than the other regions. Also keep in mind Toronto separates water and garbage as a separate utility bills. In some other areas garbage is included. Also don’t forget that to buy in Toronto requires paying double land transfer tax. So all in Torontonians are heavily taxed to live and own property in the city.
Northern Light
Superstar
As a renter, I pay a lot more in property tax than most owners. We can talk mil. rate when we pay the same one. LOL
lead82
Senior Member
Fair point. You pay a higher mil rate included in your rent yes but on absolute amounts. Toronto should align it and I think they have for new builds. Take a look at this city website:
www.toronto.ca
Looks like new multi residence building have same mil rate as residential. I’m not sure what the ‘new’ applies to exactly.
2021 Property Tax Rates
Description City Tax Rate Education Tax Rate City Building Fund Total Tax Rate Residential 0.451291% 0.153000% 0.006722% 0.611013% Multi-Residential 0.940384% 0.153000% 0.000000% 1.093384% New Multi-Residential 0.451291% 0.153000% 0.006722% 0.611013 % Commercial General 1.191313% 0.880000%...
www.toronto.ca
Looks like new multi residence building have same mil rate as residential. I’m not sure what the ‘new’ applies to exactly.
Northern Light
Superstar
Fair point. You pay a higher mil rate included in your rent yes but on absolute amounts. Toronto should align it and I think they have for new builds. Take a look at this city website:
2021 Property Tax Rates
Description City Tax Rate Education Tax Rate City Building Fund Total Tax Rate Residential 0.451291% 0.153000% 0.006722% 0.611013% Multi-Residential 0.940384% 0.153000% 0.000000% 1.093384% New Multi-Residential 0.451291% 0.153000% 0.006722% 0.611013 % Commercial General 1.191313% 0.880000%...
Looks like new multi residence building have same mil rate as residential. I’m not sure what the ‘new’ applies to exactly.
You are correct, they have applied the same rate on new purpose-built-rental for awhile.
However, this doesn't apply to older properties.
From said link:
You can look at the total column, that matters, it suggest the premium in my rent is 78%
That is to say, I pay 78% more on assessed value that would an SFH homeowner.
But perhaps more of note is the difference in the left-most column. The base property tax rate for the City.
That rate is 108% higher for me, than a typical home owner in Toronto.
zang
Senior Member
Astoundingly egregious that we do this to renters in the city. As with so many things “Toronto”, economy of scale is a target for punishment, rather than reward.
Last edited:
Admiral Beez
Superstar
That’s one of the reasons I’ll likely never sell, even though I’m heading towards empty nester status with five bedrooms.
W. K. Lis
Superstar
If they can make sure you don't get a "tenant from hell", you could rent out a bedroom or four to some university students or four.
Northern Light
Superstar
The high-level budget info is now public. Analyst notes (detailed department by department numbers should begin to be public later today, be fully public, one would hope, by week's end)
Cobra
Senior Member
Wake me up from this nightmare in 2026