How do I understand my property taxes?
The amount of property tax you will have to pay determined by the assessed value of your property. Property taxes are calculated by dividing the assessed value of your property by 1000 and multiplying the answer by the mill rate as follows:
Property Taxes = (Assessment Value ÷ 1000) x Mill Rate
For each GTA community, the Department of Finance sets a mill rate that represents one dollar of tax for every $1000 of assessed value. It is the Department of Finance who sends out tax notices to each assessed property detailing how much in taxes need to be paid for that year.
When a new assessment is done on your property, it does not necessarily mean that you will have to pay more property tax. A lower mill rate might mean that you will pay the same or less tax, even if the assessed value of your property has risen.