To free yourself of costly late fees, penalties, and other unnecessary charges, promptly paying your property tax bill is essential. Fortunately, there are a few ways to pay your property taxes quickly and efficiently.
This blog post outlines how you can quickly settle your yearly property taxes, so you don’t have to worry about any additional costs down the line!
What is Property Tax?
Depending on the location of a property, real estate taxes are collected by the government at the provincial and local levels.
Property taxes will vary by location and by property type. It is important to consider the relevant tax laws before purchasing a property.
Ways to Pay Property Taxes
The frequency of your property tax payments will differ depending on location. When it comes to paying property taxes, you generally have two options:
1. Include With Your Mortgage Payment
If you add your property taxes due to your mortgage payments, your lender will then remit these funds to the municipality on your behalf. This amount is then added to your monthly mortgage payment.
2. Pay Directly to the Municipality
Municipalities will generally provide you with your property tax bill through the mail and payment options can include paying by phone, online, or through the mail. You can also pre-authorize payments with the help of your bank.
Canadian Property Tax Rates
Municipal and provincial governments collect property tax on different types of property to collect funds for public services. Each municipality and province will have its own tax formula and rates.
In Canada, all property taxes are based on two key factors:
- How much your property is worth (property assessment value)
- The residential rate.
The following table shows the property taxes for major cities in each Canadian province as of March 2022. (Source: https://www.wealthsimple.com/en-ca/learn/canadian-property-taxes)
| Provinces | Residential Tax Rate | Taxes for your home’s assessed value of $250,000 | Taxes for your home’s assessed value of $500,000 | Taxes for your home’s assessed value of $1,000,000 | ||||
| British Columbia | ||||||||
| Vancouver | 0.24683% | $617 | $1,234 | $2,468 | ||||
| Kelowna | 0.52605% | $1,315 | $2,630 | $5,260 | ||||
| Victoria | 0.52035% | $1,301 | $2,602 | $5,204 | ||||
| Abbotsford | 0.51300% | $1,283 | $2,565 | $5,130 | ||||
| Alberta | ||||||||
| Calgary | 0.63573% | $1,589 | $3,179 | $6,357 | ||||
| Edmonton | 0.86869% | $2,172 | $5,553 | $8,687 | ||||
| Lethbridge | 1.11067% | $2,777 | $5,553 | $11,107 | ||||
| Ontario | ||||||||
| Toronto | 0.599704% | $1,589 | $3,178 | $6,355
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| Burlington | 0.81519% | $2,038 | $4,076 | $8,152 | ||||
| Ottawa | 1.06841% | $2,671 | $5,342 | $10,684 | ||||
| Mississauga | 0.82348% | $2,059 | $4,117 | $8,235 | ||||
| Waterloo | 1.10785% | $2,770 | $5,539 | $11,078 | ||||
| Kitchener | 1.12975% | $2,824 | $5,649 | $11,297 | ||||
| Hamilton | 1.26196% | $3,155 | $6,310 | $12,620 | ||||
| Guelph | 1.17125% | $2,928 | $5,856 | $11,713 | ||||
| London | 1.35082% | $3,377 | $6,754 | $13,508 | ||||
| New Brunswick | ||||||||
| Saint John | 1.78500% | $4,463 | $8,925 | $17,850 | ||||
| Fredericton | 1.42110% | $3,553 | $7,106 | $14,211 | ||||
| Saskatchewan | ||||||||
| Saskatoon | 0.86562% | $2,164 | $4,328 | $8,656 | ||||
| Regina | 1.07445% | $2,686 | $5,372 | $10,745 | ||||
| Quebec | ||||||||
| Montreal | 0.76720% | $1,918 | $3,836 | $7,672 | ||||
| Quebec City | 0.87780% | $2,195 | $4,389 | $8,778 | ||||
| Newfoundland & Labrador | ||||||||
| St. John’s | 0.73000% | $1,825 | $3,650 | $7,300 | ||||
| Nova Scotia | ||||||||
| Halifax | 1.10850% | $2,771 | $5,542 | $11,085 | ||||
| Manitoba | ||||||||
| Winnipeg | 1.24871% | $3,122 | $6,244 | $12,487 | ||||
We Can Help with Your Property Tax Issues
At LendToday, we’re happy to assist you and share with you everything you need to know about property taxes. With our team of knowledgeable and experienced professionals, we’ll help you make sure all your taxes are paid on time and without incurring unnecessary charges.
We are here to help you get the advice you need. Let’s talk!
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