Taxes are not calculated based on the size or number of bedrooms. It is calculated based on an assessed value that is lagging by 4 years as they're assessed only every 4 years unless it is a new build.Jimmykirky wrote: ↑ It’s interesting that even though u own two condos u would quote the city of Toronto website.
I get how the mil rate works except that everyone knows that no one is paying $3600 in taxes for a one bedroom. So the fact that you’re just reading the website and applying it like a cookie cutter to al condos shows your ignorancez
That is to say, the 2017 taxes were based on an assessed value at January 2008 plus 2 fourths - 50% of the change in value at January 2012.
Similarly, the tax paid in 2019 was based on assessed value at January 2012 plus four fourths - 100% of the change in value between then and January 2016. ed fo
The next assessment was to be January of this year but delayed by covid. It means that when finally issued, your 2020 tax will be based on the January 2016 assessed value plus one fourth of whatever value your property is assessed at January 1, 2020. So if your property is assessed at $650,000 at January 1, 2020, and it was assessed at $550,000 in January 2016, your tax will be the mill rate which, if you're in Toronto will be .5997 just as Statsguy said. If you're in Peel or Markham or Durham or any other municipality, the mill rate is different and that is also why Statsguy was kind enough to give you the calculation.
That your taxes don't meet the $360/month simply means that the assessed values of your condo(s) are less than $700,000.
Most homeowners understand that.