Study finds Oakville’s property tax rates remain among lowest
Published November 10, 2021 at 1:28 pm
Oakville residents are paying a lower than average property tax rate than in most other municipalities across Ontario.
In a study recently released by mortgage broker zoocasa.com, only five other urban markets have a lower 2021 property tax rate than Oakville’s 0.721512 per cent among the 35 municipality tax rates compiled.
Compared to 2020, the locations with the five lowest tax rates remain unchanged and are all located in the Greater Toronto Area:
- Toronto: 0.611013
- Markham: 0.632908
- Richmond Hill: 0.659549
- Vaughan: 0.669976
- Milton: 0.683333
The highest five are also consistent with 2020’s ranking, and all are located in northern Ontario, with the exception of Windsor:
- Windsor: 1.818668
- Thunder Bay: 1.59108
- Sault Ste. Marie: 1.588067
- North Bay: 1.568182
- Sudbury: 1.546783
The average price of a home in Oakville now sits at $1,488,753. Residents with a home assessed just above that at $1,500,000 have to pay $10,822.68 in property taxes.
At the lower end, a home assessed at $500,000 in Oakville will run you $3,607.56 in taxes.
Videos
For homes assessed at $750,000, property taxes climb to $5,411.34, while a $1M home will run up a tax bill of $7,215.12.
Typically, larger urban centres, such as the City of Toronto, can offer lower property tax rates due to a larger pool of taxpayers and higher real estate prices.
A town or rural community will often implement a higher tax rate due to a smaller population and potentially fewer resources to service the area.
insauga's Editorial Standards and Policies advertising