| Description | City Tax Rate | Education Tax Rate | City Building Fund | Total Tax Rate |
|---|---|---|---|---|
| Residential | 0.472052% | 0.153000% | 0.006881% | 0.631933% |
| Multi-Residential | 0.940384% | 0.153000% | 0.000000% | 1.093384% |
| New Multi-Residential | 0.472052% | 0.153000% | 0.006881% | 0.631933% |
| Commercial | 1.232935% | 0.880000% | 0.009074% | 2.122009% |
| Industrial | 1.198750% | 0.880000% | 0.005931% | 2.084681% |
| Pipelines | 0.908020% | 0.880000% | 0.013236% | 1.801256% |
| Farmlands | 0.118013% | 0.038250% | 0.001720% | 0.157983% |
| Managed Forests | 0.118013% | 0.038250% | 0.001720% | 0.157983% |
The introduction of the small business tax subclass offers property tax relief to small businesses who meet the eligibility criteria. The small business tax subclass will provide a 15 per cent reduction in the commercial tax rate for eligible properties.
Your property tax bill is calculated by multiplying the current year phased-in property assessment value, as determined by the Municipal Property Assessment Corporation (MPAC), by Council approved City Tax Rate(s) with the City Building Fund Levy and the Education Tax Rate, as set by the Government of Ontario.
Estimated taxes on a residential property with an Assessed Value of $697,185
Estimated property tax = Assessed Value x Total Tax Rate
= $697,185 x 0.478933% (excludes education rate)
= $3,339.05