People who can't afford to live in the Greater Toronto Area are finding their budgets stretched thin. As such, a new report from Zoocasa draws attention to property taxes across the region, urging homeowner hopefuls to consider this when shopping around for a home.
Property owners in the Greater Toronto Area are subject to the lowest and highest property tax rates. This is based on the average home price in the Greater Toronto Area.
Property taxes differ from city to city and are set by individual municipalities to cover the costs of various services in the community. Knowing which areas have higher or lower property tax rates can help you find a location that fits your budget.
The report shows a correlation between higher average home prices and lower property taxes. This doesn't mean that the property tax bill will go down.
The lowest average property tax rate of any other municipalities included in Zoocasa's ranking is for Markham, which has an average home price of $1,418,021. The average price of a home in the area is $9,146.
Toronto East, Toronto West, and Toronto Central have the highest property tax rates. The property tax rates in the two towns were similar.
Toronto West has the second-lowest property tax bill in the rankings, thanks to its low rates. Homeowners in the area can expect to pay around $6,870 in property taxes with an average home price of over $1 million.
The lowest property tax bill goes back to the town of Essa. One of the lowest averages included on the rankings is the property tax rate, which is 0.742798%.
Durham Region and Dufferin County are both home to the most heavily-taxed towns in the Greater Toronto Area. The highest tax rate is in Orangeville. Homeowners can expect to pay $11,498 in taxes on an average priced home.