Property tax rates have been dropping consistently across the GTA for over a decade.
Getting lower? Did you read that right?
Yes, property tax rates are getting lower!
Why haven't you noticed on your tax bills, then? In short, the property tax rate (also known as the mill or millage rate) has been dropping as property values (assessments) have been rising.
When properties are assessed every four years, by the Municipal Property Assessment Corporation (MPAC), increased assessments are phased in over the next four years. MPAC may reassess properties at other times, particularly if there have been extensive renovations to a property.
Fortunately, inflation and municipal budgets haven't been rising at the same pace as property values, so the rates have been adjusted to make the difference neutral. Effectively, your tax bill is rising at the rate of inflation of your municipality's budget.
In the following table, we look at a number of GTA cities, including Toronto, Oshawa, Whitby and Clarington, along with the residential property tax rates over the last several years.