News   Sep 24, 2021
 1.2K     2 
News   Sep 24, 2021
 1.9K     3 
News   Sep 24, 2021
 1.9K     1 

Question about property taxes for condos

reactx

Active Member
Member Bio
Joined
Feb 12, 2012
Messages
150
Reaction score
64
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!
 

DSC

Superstar
Member Bio
Joined
Jan 13, 2008
Messages
13,561
Reaction score
11,400
Location
St Lawrence Market Area
Property taxes are based on the MPAC valuation. I assume MPAC has not yet valued condos in this new development so the taxes will, I assume, be based on the fair market price. (The MPAC valuations seem to always be a bit LESS than recent selling prices in my building.) In 2016 my Unit was valued at $576,000 and in 2019 my City Taxes are $3540. (One of my neighbours just sold for almost $950K so I expect that at the next valuation mine will go up (and my taxes with it.)
 

Top