Toronto condo property tax is calculated using the property’s applicable assessed value and the tax rates for the year. A purchase price can differ from the assessment used on the bill, so treat a price-based estimate as a rough planning tool and check the property’s assessment and current City bill information.
Quick Summary
- Toronto’s 2026 total residential property-tax rate is 0.767311%.
- The rate is applied to the applicable assessed value, not automatically to the condo’s purchase price or current market value.
- A $700,000 assessed value gives an estimated 2026 tax of $5,371.18 before property-specific adjustments.
- Ontario land transfer tax is payable when a transfer is registered. The separate 30-day rule applies when the transfer is not registered within 30 days after closing.
How Toronto Condo Property Tax Is Calculated
The City of Toronto’s 2026 total residential rate is 0.767311%, comprising the City rate, education rate and City Building Fund rate. The City’s estimate is assessed value multiplied by the total tax rate. MPAC’s assessed value and the applicable billing year matter; a condo’s sale price is not necessarily its assessed value. Municipal rebates, supplementary or omitted assessments, phased-in assessment changes and individual account adjustments can change the bill.
Example using assessed value
If the applicable assessed value is $700,000:
$700,000 × 0.767311% = $5,371.177, or about $5,371.18 for the year
This is a simple estimate before any property-specific adjustment. Confirm the amount against the City’s current bill and calculator.
Land transfer taxes at purchase
Buyers may need to budget for both Ontario land transfer tax and Toronto’s municipal land transfer tax when a Toronto property transfer is registered. The actual amounts depend on the transaction, price, exemptions and any first-time buyer rebate. Toronto’s tax is calculated under its own rules, so do not assume it always exactly doubles the provincial tax.
When is Ontario land transfer tax due?
Ontario land transfer tax is payable when the transfer is registered. If it is not registered within 30 days after closing, the buyer must submit the applicable Return on the Acquisition of a Beneficial Interest in Land and pay the tax within 30 days after closing. Registration and filing circumstances can vary; budget for the taxes at closing and ask your real-estate lawyer to confirm timing, rates, exemptions and filing requirements for your transaction.
Other ownership costs
Property tax is separate from condo maintenance fees, utilities, mortgage payments and insurance. Check what your condo fees include in the status certificate and budget for the annual tax bill as a separate expense.
Frequently Asked Questions
What is Toronto’s 2026 condo property-tax rate?
The total 2026 residential rate is 0.767311%. It is applied to the applicable assessed value.
How much tax would a condo assessed at $700,000 pay?
At the 2026 residential rate, the basic estimate is $700,000 × 0.767311% = about $5,371.18, before property-specific adjustments.
Is property tax calculated on the purchase price?
Not necessarily. The City’s estimate uses assessed value. The purchase price and assessed value can differ, and an individual bill can include adjustments.
When do I pay Ontario land transfer tax?
It is payable when the transfer is registered. If the transfer is not registered within 30 days after closing, the return and payment are due within 30 days after closing. Your lawyer can confirm how this applies to your transfer and to Toronto’s separate municipal tax.
Official references: City of Toronto: 2026 property-tax rates and calculator; Ontario: land transfer tax and payment timing; City of Toronto: municipal land transfer tax guidance for lawyers.
