News Release: July 14, 2021 - City Council approves framework for Vacant Home Tax to increase housing supply in Toronto

View general Property Tax information including:

Mill rate: The City no longer has a mill rate. A mill rate meant that the property tax owing was calculated on the basis of a certain amount per every $1000 of assessed value.

Today we have a tax rate i.e., the tax is a percentage of the assessed value, or a certain amount for every $100 of assessed value. The tax rate for the current year is typically set in April (or thereabouts) after the budget is approved.

The property classes in the property tax rates are assigned to City of Toronto by MPAC using the definitions in the Provincial Assessment Act. Band 1 & Band 2 are assigned by the City of Toronto.

Vacant Land Rates

  • Commercial and industrial vacant land, is taxed at a rate that is approximately 30% lower then the respective full tax rate.
  • Residential vacant land (low density-single family, semi-detached, etc) - Vacant residential and built on residential properties are taxed at the residential (RT) rate.
  • High density residential (condos) the tax rate is multi-residential (MT). Once the building is occupied, the tax rate is RT.

New Multi-residential (NT) vs. Multi-residential (MT)

  • New multi-residential and multi-residential properties are taxed differently
  • New multi-residential locations are taxed using the new multi-residential tax rate for 35 years, after 35 years, these properties will be taxed at the multi-residential tax rate

City Building Fund

  • Effective immediately, the City Building Fund will now be found on the final property tax bill
  • City Council approved a special dedicated property tax levy called the 'City Building Fund' for priority transit and housing capital projects