Real Estate

Question about property taxes for condos (Toronto)

  • Last Updated:
  • Sep 13th, 2019 9:24 am
[OP]
Newbie
Aug 9, 2018
19 posts
18 upvotes

Question about property taxes for condos (Toronto)

I'm currently looking into possibly purchasing a condo unit in the new Galleria on the Park development in Toronto. Specifically a 1 Bedroom+ Den starting at around $550,000 or a 2 Bedroom starting at $614,000.

Based on a preliminary info document, they state that property taxes are approximately at 1% which seems quite high. Just putting in some quick math, that sounds like it would mean property taxes at around $5,500-6,140.

I know someone who has a slightly older (15 year) stacked townhouse and they pay around $2,400 annually for property taxes ($400 * 6 payments). And this is valued equal if not even more than the condo described above. My parents' semi-detached house is around $3,500 annually.

Can anyone assist with providing more info on how property taxes are properly defined or if more factors are involved than just the "1 %" figure they roughly stated it as. Thanks!
4 replies
Deal Addict
Jan 12, 2017
1084 posts
515 upvotes
Aljcc1 wrote: I'm currently looking into possibly purchasing a condo unit in the new Galleria on the Park development in Toronto. Specifically a 1 Bedroom+ Den starting at around $550,000 or a 2 Bedroom starting at $614,000.

Based on a preliminary info document, they state that property taxes are approximately at 1% which seems quite high. Just putting in some quick math, that sounds like it would mean property taxes at around $5,500-6,140.

I know someone who has a slightly older (15 year) stacked townhouse and they pay around $2,400 annually for property taxes ($400 * 6 payments). And this is valued equal if not even more than the condo described above. My parents' semi-detached house is around $3,500 annually.

Can anyone assist with providing more info on how property taxes are properly defined or if more factors are involved than just the "1 %" figure they roughly stated it as. Thanks!
https://www.toronto.ca/services-payment ... -and-fees/
Sr. Member
Jul 10, 2018
513 posts
483 upvotes
Yes that's high... let us know if you get to the bottom of why they're forecasting such high property taxes.
Sr. Member
Feb 19, 2019
847 posts
922 upvotes
Stouffville ON
No, the 1% is not correct, first off the property tax will be calculated based on mpac assessed value and not the actual selling price and they may be different, second use the calculator provided by another poster, great tool, your property tax will be quite a bit lower than if 1% was used.
Full Time and Full Service Realtor
Member
Aug 16, 2011
362 posts
228 upvotes
OTTAWA
They always give an estimate but at the end its basically a .62% of the assessed value.

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