This update is from the City of Toronto Website.
2016 Property Tax Rates
Your final 2016 property taxes consist of a City levy, education levy and transit expansion levy.
Residential Properties
The City levy has been calculated by multiplying your property’s 2016 phased-in assessment by the City’s tax rate, as approved by Toronto City Council.
The education levy is calculated by multiplying your 2016 phased-in assessment by the education tax rate, as set by the Province of Ontario.
The transit levy is calculated by multiplying your 2016 phased-in assessment by the transit tax rate, as approved by Toronto City Council.
Multi-Residential, Commercial and Industrial Properties
Properties that are subject to a tax increase will continue to be protected by capping.
The annual allowable tax increase (cap amount) will be calculated based on 5 per cent of the previous year’s Current Value Assessment (CVA) multiplied by the applicable tax rate.
Properties with tax decreases will continue to have a portion of their tax decrease withheld to fund the cap on properties subject to increases.
Here is a link to the City of Toronto Website showing the tax rates for 2016 and information on future targets for reducing rate hikes for commercial properties.
