Your final 2013 property taxes consist of a City levy and an education levy.
Residential Properties
The City levy has been calculated by multiplying your property's 2013 phased-in assessment by the City's tax rate, as approved by Toronto City Council.
The education levy is calculated by multiplying your 2013 phased-in assessment by the education tax rate, as set by the Province of Ontario.
Multi-Residential, Commercial and Industrial Properties
Properties that are subject to a tax increase will continue to be protected by capping.
The annual allowable tax increase (cap amount) will be calculated based on 5 per cent of the previous year's assessment multiplied by the applicable tax rate.
Properties with tax decreases will continue to have a portion of their tax decrease withheld to fund the cap on properties subject to increases.
More information on the tax rate reduction for commercial properties.
| Final 2013 Property Tax Rates |
Description |
City
Tax Rate % |
Education Tax Rate % |
Total Tax Rate % |
Residential |
0.5337653% |
0.2120000%
|
0.7457653%
|
Multi-Residential |
1.6981011%
|
0.2120000%
|
1.9101011%
|
New
Multi-Residential |
0.5337653% |
0.2120000%
|
0.7457653%
|
Commercial General |
1.6716412%
|
1.3638850%
|
3.0355262%
|
Residual Commercial -
Band 1 |
1.4784032%
|
1.3638850%
|
2.8422882%
|
Residual Commercial -
Band 2 |
1.6716412%
|
1.3638850%
|
3.0355262%
|
Industrial |
1.6662458%
|
1.3888080%
|
3.0550538%
|
Pipelines |
1.0267316%
|
1.5580410%
|
2.5847726%
|
Farmlands |
0.1334413%
|
0.0530000%
|
0.1864413%
|
Managed Forests |
0.1334413%
|
0.0530000%
|
0.1864413%
|
Example:
Estimated taxes on a residential property with an Assessed Value of $474,368
Estimated property tax = Assessed Value x Residential Tax Rate
= $474,368 x 0.7457653%
= $3,537.67 |
|
