Your property tax bill is calculated by multiplying the current year phased-in property assessment value, as determined by the Municipal Property Assessment Corporation (MPAC), by Council approved City Tax Rate(s) with the City Building Fund Levy and the Education Tax Rate, as set by the Government of Ontario.
Example
Estimated taxes on a residential property in Toronto with an Assessed Value of $950,000
Estimated property tax = Assessed Value x Total Tax Rate
= $950,000 x 0.599704%
= $5,697.18 (includes municipal, city building fund levy and education taxes)