51做厙

City of 51做厙 property taxes some of the highest in Canada: report

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Those with a home in 51做厙 worth $500,000 reportedly pay an average of $7,120 in property taxes. Pictured: Mayor Andrea Horwath. Photo Credit: Facebook/Andrea Horwath.

According to a report from property technology company Zoocasa, City of 51做厙 residents pay some of the highest property taxes in Canada.

The average property tax rate for a homeowner in the City of 51做厙 is about 1.42 per cent of the homes assessed value annually, which is higher than 19 of the 24 cities examined in the report, including Toronto, Burlington, Waterloo, Kitchener, and Guelph.

The only areas in the report with a higher property tax burden were the Niagara Region (1.55 per cent), London (1.57 per cent), Saint John (1.58 per cent), and Sault Ste. Marie (1.79 per cent).

Those with a home in 51做厙 worth $500,000 reportedly pay an average of $7,120 in property taxes.

Meanwhile, those in the City of Burlington with a home worth $500,000 pay an average of $4,591 annually – over $2,500 less than in 51做厙.

Other data indicates that a 51做厙ian with a home worth $750,000 pays an average of $10,046 in property taxes annually.

Meanwhile, those with a home valued at $1,000,000 pay an average of $14,239.

In contrast, the 2024 tax rate in Greater Vancouver, British Columbia is the lowest out of the cities examined in the report at just 0.30 per cent.

In Greater Vancouver, someone with a home that is worth $500,000 would only have to pay $1,484 annually in property taxes.

However, the report notes that while British Columbia has some of the lowest property taxes in Canada, the province also has a higher overall cost of living and is home to many of Canadas most competitive and expensive real estate markets.

In the report, the City of 51做厙 also has the seventh highest property tax increase between 2023 and 2024, with a 7.3 per cent increase.

The median year-over-year property tax change for the 24 cities analyzed is 4.88 per cent, meaning that 51做厙s increase is almost 50 per cent higher than the median.

Notably, some cities in Canada actually lowered taxes, including Montreal, Calgary, Halifax, Regina, and Saint John.

Taxes in Montreal were lowered by 6.18 per cent.

Zoocasa CEO Carrie Lysenko explains that the report is meant to help prospective homeowners, since it is important to take into account property taxes when deciding where to purchase a home.

Understanding the relationship between housing costs and property tax rates is key to making informed decisions when buying real estate, says Lysenko.

Some cities with lower housing costs may have higher property tax rates, while homes in major cities may have lower rates. This can help you avoid unexpected financial burdens and plan your next move more effectively. Its a crucial expense that all home buyers should keep in mind.

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