# Property Tax Calculator by Rate or Mill Rate

> Estimate your yearly property tax from the assessed value and a percentage or mill rate, with credits and a part year for a mid-year purchase

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 much does a small rate change cost me?

More than most people expect. Take the $700,000 assessment again. If the rate moves from 0.75% to 0.80%, which is half a mill, the yearly bill goes up by $350, to $5,600, or about $29.17 a month. A few bucks a week doesn't sound like much, but it repeats every year. Try a mill rate of 9.2 on a $450,000 assessment too: that's $4,140 a year, or $345 a month.

## 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](https://tax-services.ca/calculators/real-estate/closing-costs).

Plenty of owners pay in monthly instalments, or through the mortgage lender, so the monthly line helps when you're matching the bill to your paycheque. 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](https://tax-services.ca/calculators/real-estate/condo-ownership-cost) or the [mortgage calculator](https://tax-services.ca/calculators/mortgage/mortgage-calculator) to see what you can afford.

## Why did my bill change when I didn't do anything?

Two things move it: your assessed value and the rate. Either one can shift each year, and a council can raise the rate to cover its budget even if your assessment stays flat. Compare the two lines on this year's and last year's notice, then enter both in the calculator to see which one caused the jump.

## Where this information comes 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's website. This website has no tie to any government body, and what you get is an estimate, not a bill.

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Source: https://tax-services.ca/calculators/real-estate/property-tax
Last updated: 2026-10-10
Independent information site. Not affiliated with the CRA. No services, no guarantee of accuracy. See https://tax-services.ca/disclaimer