A 2026 Toronto residential property tax bill is your MPAC assessed value multiplied by a combined rate of 0.767311%. On the City’s example home, assessed at $692,140, that comes to about $5,311 for the year. Three parts share that rate: the City’s base rate, the City Building Fund levy and the education rate set by the Province.
The three rates on the bill
Every residential property pays the same rate per dollar of assessed value. For 2026 the City lists 0.605295% for the City, 0.009016% for the City Building Fund and 0.153000% for education. The City rate pays for services the City runs. Education tax is set by the Government of Ontario through the Ministry of Finance, and the City can’t change it.
The City describes the Building Fund as a levy that added one per cent in 2020 and 2021, then 1.5 per cent each year from 2022 to 2026. Other classes pay more. Multi-residential buildings pay a total of 1.208792% and commercial properties 2.301986%.
Working out the bill on an average home
Multiply $692,140 by 0.767311% and you get $5,310.87, which the City rounds to $5,311. The City part is $4,189.49, the Building Fund is $62.40 and education is $1,058.97. Roughly 79% of the bill stays with the City and about 20% goes to schools.
The bill scales with value, with no brackets. A home assessed at $400,000 pays $3,069.24 and one at $1,000,000 pays $7,673.11. The property tax calculator does the same sum for your own assessment. Use the value on your MPAC notice, not a market estimate.
What the 2.2% increase means in dollars
Council adopted the 2026 budget on February 10, 2026. It set a 0.7% residential property tax increase plus a 1.5% City Building Fund levy, about 2.2% combined. The City puts that at $91.53 a year, or $7.63 a month, for an average home.
Earlier years were steeper. The City’s releases give 9.5% for 2024 (8% plus 1.5%, or $338 on the average home) and 6.9% for 2025 (5.4% plus 1.5%, about $268). Add the City’s three yearly figures and an average household pays roughly $698 a year more than before the 2024 budget. Each year’s average home differed slightly, so that sum is a rough guide only.
Where the assessment comes from
MPAC, not the City, sets your assessed value. The last province-wide reassessment used a valuation date of January 1, 2016, and the Province postponed the next update in 2021. So your bill doesn’t follow today’s market or your recent purchase price.
You can check the value on AboutMyProperty with the roll number printed on your bill. If a detail is wrong, file a Request for Reconsideration. MPAC says the deadline is printed on your Property Assessment Notice, and MPAC usually replies within 180 days. After that you have 90 days to appeal to the Assessment Review Board. A lower assessment doesn’t guarantee a lower bill, because the City decides on any tax adjustment.
Instalments and late charges
Toronto sends an interim bill based on the previous year’s taxes, then a final bill using the 2026 rates. Owners not on a pre-authorized plan paid on March 2, April 1, May 1, July 2, August 4 and September 1. The City also offers plans with two, six or eleven instalments.
Late payment charges are 1.25% on the first day of default and on the first day of each month after that. The City says they can’t be waived. On an $885 instalment, the first charge is about $11.06. A Final Notice costs $31.06, and a returned payment costs $47.27. If taxes stay unpaid for two years, the City can register a Tax Arrears Certificate on title, and the owner then has one year to pay before a tax sale can follow.
Relief for low-income seniors and people with disabilities
For 2026 the City’s relief programs require a combined household income of $62,000 or less, and a disability benefit or an age test. You need at least one year as owner-occupier before October 31, 2026, with no earlier tax owing. The deadline is November 2, 2026, and you reapply every year.
Cancellation removes the year’s increase. Deferral postpones it, with interest of 1.25% a month, until the property is sold or transferred. Water and solid waste rebates are separate. Owners who plan a purchase can compare running costs in the rent vs buy calculator. See also the Land Transfer Tax calculator, and the full set of tax calculators.
Sources
- City of Toronto, Property Tax Rates and Fees
- City of Toronto, Property Tax Due Dates
- City of Toronto, Late Tax Bill Payments
- City of Toronto, 2026 Budget now final
- MPAC, Request for Reconsideration
Common questions
How is Toronto residential property tax calculated in 2026?
What is the late payment charge on Toronto property tax?
Can I dispute my property assessment?
Who qualifies for Toronto property tax relief?
Last reviewed: . Figures come from the official sources listed above. How we check the numbers and our editorial policy.