Everyone loves to complain about taxes, but the municipal rates in Milton, Oakville, Burlington and Halton Hills remain among the lowest in the GTA.
Zoocasa, an online real estate company, compiled and ranked the 2024 residential property tax rates for 30 municipalities across the GTA, using data sourced from each municipality’s website and average year-to-date home prices from the June 2024 Toronto Regional Real Estate Board report.
“Understanding property taxes is essential for budgeting, whether you own a home or are considering buying one,” said Angela Serednicki, a content specialist at Zoocasa. “Even if you’ve reached a mortgage-free status, you’ll always have to account for them in your finances.”
Municipalities decide on their property tax rates yearly, which can change depending on their budgets. These taxes are calculated by multiplying the city’s residential tax rate by the assessed value of your home, which is decided by the Municipal Property Assessment Corporation.
Property taxes are then collected to fund essential local services such as police and fire departments, schools, road maintenance, transit, garbage collection, snow removal, and sewage upkeep.
Among the 30 GRA municipalities ranked, Milton has the fifth lowest tax rate at .775 per cent. Oakville is seventh at .795 per cent, Burlington is 11th at .858 per cent and Halton Hills rounds out the top half at 15th at .896 per cent.
Things that can affect mill rates include average property values and population. Also, businesses usually pay at least twice the tax rate compared to homeowners. This can explain why people living in regions with a smaller population might have to pay more property taxes than those in bigger cities.
“Understanding these variations can help homeowners and potential buyers make more informed financial decisions.”
