Say your home is assessed at $700,000 and the total tax rate is 0.75%. That’s $5,250 a year, or $437.50 a month. Put in your own assessed value and rate, or a mill rate, and this property tax calculator estimates your bill.
What’s a mill rate, and which rate do I enter?
Municipalities quote the rate one of two ways. Some give a percentage of the assessed value. Others give a mill rate, which is the dollars of tax on each $1,000 of value. One mill is 0.1%, so 7.5 mills and 0.75% are the same thing. The calculator takes either one.
Whichever you use, add up every line on your bill first, meaning municipal, school and any other levy, because one line on its own will understate the tax and you won’t notice until the bill arrives.
| Rate on a $700,000 assessment | Mill rate | Tax for the year |
|---|---|---|
| 0.50% | 5.0 | $3,500 |
| 0.75% | 7.5 | $5,250 |
| 1.00% | 10.0 | $7,000 |
| 1.25% | 12.5 | $8,750 |
How does a credit change the bill?
Take a property assessed at $600,000 with a mill rate of 7.5. Before any credit the tax is $4,500. You get a $300 grant each year, which brings the year down to $4,200, or $350 a month. The credit box is also where a senior deferral or a homeowner grant goes, if your province has one.
What if you only own the home for part of the year? The last box handles that. Buy a home assessed at $700,000, keep it for six months at 0.75%, and the full year of $5,250 becomes a $2,625 share. Buyers and sellers can use the same step to split a bill on closing day, along with the adjustments listed under closing costs.
Plenty of owners pay in monthly instalments, or through the mortgage lender, so the monthly line helps with budgeting. The default bill comes to $437.50 a month. Your municipality may bill on set dates, though, and the calculator doesn’t know them. It only shows an even twelfth.
Is the assessed value the price I paid?
No, and this catches people. An assessor sets the value on a fixed date, so it can lag the market by years. Use the figure on your notice, or on the tax bill of a similar home. Don’t multiply a sale price by a rate unless you know the assessment will match it.
The tool multiplies one rate by one value. Some municipalities may tax different classes of property at different rates, and some add charges for services or debt, so those layers won’t show up here. Your own bill has the final total, and it’s the one to trust. Once you have the yearly amount, feed it into the condo ownership cost calculator or the mortgage calculator to see what you can afford.
Where do the numbers come from?
Nowhere, really, because the calculator doesn’t hold any tax rates. You supply the assessed value and the rate. It multiplies them, takes off your credits and divides by twelve. Rates and values come from your own tax bill or your municipality, and the federal government has general information on property taxes on its finance pages. This website has no tie to any government body, and what you get is an estimate, not a bill.
Frequently asked questions
What does mill rate mean?
It's the tax in dollars for each $1,000 of assessed value. A mill rate of 7.5 means $7.50 per $1,000, or 0.75%.
Which rate goes in the box?
The total of the municipal, school and other levies on your bill, not a single line.
Is assessed value the same as market price?
No. An assessor sets it on a fixed date, so it can differ from what the home would sell for.
Where do I put a credit or grant?
In the credits box, as a yearly amount. A $300 grant lowers a $4,500 bill to $4,200.
How do I split the tax for part of a year?
Type the number of months you'll own the home. Six months at $5,250 a year is $2,625.
Sources and updates
Updated: . How we check rates · Editorial team · Updates
Estimate only. These figures are a planning estimate, not tax, legal or accounting advice. Tax-Services.ca is an independent publisher: we don't prepare or file tax returns, and we don't offer tax, legal or accounting services. We have no connection with the Canada Revenue Agency, Revenu Québec or any provincial government. Your real amounts depend on details this tool cannot see, so confirm them with an official source or a qualified professional before you act.