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In 2019, the City of Toronto's official property tax rate was 0.614770%. If you bought or owned a $500K condo, you may expect to pay an annual property tax of $3,074 ($500K x Property Tax Rate).
Toronto Land Transfer Tax: 1% of the value which exceeds $55,000 up to and including $250,000. 1.5% of the value between $250,000 and $400,000. 2% of the value between $400,000 and $2,000,000. 2.5% of the value over $2,000,000.
Most sales of vacant land by individuals are HST tax free, including the following examples: The sale of land that had been kept for personal use; or, The sale to a relative (or to a former spouse or common-law partner) for their personal use of a parcel of land created by subdividing another parcel.
ONTARIO AND TORONTO'S LAND TRANSFER TAX RATES Purchase Price of HomeMarginal Tax Rate$55,000.00 to $250,000.001.0%$250,000.01 to $4000,000.001.5%$400,000.01 to $2,000,000.002.0%Over $2,000,0002.5%1 more row • Jun 2, 2021
Total land transfer tax payable = $4,475....Calculation example multiply $55,000 by 0.5% (55,000 × 0.005) = $275. multiply the amount exceeding $55,000 up to $250,000 by 1.0% (195,000 × 0.01) = $1,950. multiply the amount exceeding $250,000 up to $400,000 by 1.5% (150,000 × 0.015) = $2,250.
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The tax rates on land transfers in Ontario are as follows: 0.5% on amounts up to and including $55,000. 1.0% on amounts exceeding $55,000, up to and including $250,000. 1.5% on amounts exceeding $250,000, up to and including $400,000.
The tax rates on land transfers in Ontario are as follows: 0.5% on amounts up to and including $55,000. 1.0% on amounts exceeding $55,000, up to and including $250,000. 1.5% on amounts exceeding $250,000, up to and including $400,000.
The higher your purchase price is, the more in land transfer taxes that you will incur. Land transfer taxes start at 0.5% for the first $55,000 in purchase price, and progressively increase all the way up to a transfer tax of 2.5% for each dollar of purchase price over $2,000,000.
Ontario land transfer tax calculation: $55,000 first marginal tax bracket. × 0.50% marginal tax rate. ... ( $250,000 upper marginal tax bracket - $55,000 lower marginal tax bracket ) × 1.0% marginal tax rate. ... ( $300,000 upper marginal tax bracket - $250,000 lower marginal tax bracket ) ... $275 + $1,950 + $750.
Total land transfer tax payable = $4,475....Calculation example multiply $55,000 by 0.5% (55,000 × 0.005) = $275. multiply the amount exceeding $55,000 up to $250,000 by 1.0% (195,000 × 0.01) = $1,950. multiply the amount exceeding $250,000 up to $400,000 by 1.5% (150,000 × 0.015) = $2,250.

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