Toronto’s total residential property tax rate for 2026 is 0.7673%. Multiply your assessed value by it and the result is your yearly bill. A home assessed at $600,000 pays about $4,603.87 a year, or $383.66 a month.
How the bill is worked out
The rate has three parts, and each applies to the same assessed value.
| Component | 2026 rate |
|---|---|
| City tax | 0.6053% |
| Education tax | 0.1530% |
| City Building Fund | 0.0090% |
| Total | 0.7673% |
The City sets its own rate and the City Building Fund rate in the yearly budget. The Province sets the education rate. MPAC decides what your property is worth, not the City.
What different values cost
| Assessed value | Annual tax | Per month |
|---|---|---|
| $400,000 | $3,069.24 | $255.77 |
| $600,000 | $4,603.87 | $383.66 |
| $800,000 | $6,138.49 | $511.54 |
| $1,000,000 | $7,673.11 | $639.43 |
| $1,500,000 | $11,509.67 | $959.14 |
The figures use the same rates as the calculator above, so they move whenever the rates do.
Where your City tax goes
Under the result, the calculator divides the City’s share by service, following the split the City publishes: transit, police, social programs, financing costs, fire and paramedics, governance, agencies, other operations and transportation. Education goes to the Province, so it is absent from that list. Each service shows how much of your own bill it receives, rounded to the nearest dollar.
Where to find your assessed value
Look on your MPAC Property Assessment Notice or your City of Toronto tax bill, on the line for current value assessment. MPAC’s AboutMyProperty site also has it. Use that figure. Your purchase price and online home value estimates are something else.
Why the value is often below the market price
At the time of writing, Ontario assessments still rest on a January 1, 2016 valuation date, because reassessment has been postponed. Toronto prices have climbed a lot since, so the value on your notice can sit well under a likely sale price. Once a new reassessment happens, increases are phased in over four years.
Buying a home
Get the assessed value from the current notice through the seller or your agent, and use it. The purchase price option in the calculator is a worst case, showing the bill if the home were assessed at your offer. That rarely happens right away. Property tax is only one closing cost, and the guide to the Ontario land transfer tax covers the other big one.
What the estimate leaves out
Only residential rates are used. Multi-residential, commercial and industrial properties pay different ones. Water and garbage are billed separately, as is the vacant home tax, and local improvement charges or relief programs can change a bill too. To see where the tax sits in your monthly spending, try the Toronto cost of living calculator.
Paying the bill
The City bills in instalments, and most owners can also join a monthly plan. Dates and plans are on your bill. If your mortgage lender collects the tax with your payment, the monthly figure above is what to expect. Paying it yourself? Set that amount aside every month.
Challenging an assessment
Start by asking MPAC for a reconsideration. If that fails, file a complaint with the Assessment Review Board. Deadlines are printed on your notice, so check them early.
Frequently asked questions
How is Toronto property tax calculated?
It is your MPAC assessed value multiplied by the total tax rate. That rate adds the City rate, the education rate and the City Building Fund rate.
Is the assessed value the same as market value?
No. Assessments still use a January 1, 2016 valuation date, so the assessed value is usually well below what the home would sell for today.
Where do I find my assessed value?
On your MPAC Property Assessment Notice or your City of Toronto tax bill. MPAC's AboutMyProperty site also shows it.
Does this include the vacant home tax or water bills?
No. The vacant home tax and water and solid waste charges are billed separately.
Do renters pay property tax?
Not directly. Landlords pay it, and it is one of the costs built into rent.
What if my assessment looks wrong?
Ask MPAC for a reconsideration, then appeal to the Assessment Review Board if needed. The deadlines are on your assessment notice.
Sources and updates
Last reviewed: . Full disclaimer. How we build calculators. Editorial policy.
Estimate only. This calculator gives general information for planning. It is not tax, legal or financial advice, and it is not affiliated with the City of Toronto, MPAC or the Canada Revenue Agency. Results depend on the numbers you enter and may differ from official amounts. Check official sources or a qualified professional before you decide.