Yes, you pay property tax on condos in Ontario.
Just like homeowners, condo owners are responsible for paying property taxes on their units. These taxes are levied by the municipality where the condo is located.
The property tax rate varies depending on the municipality and the assessed value of the condo unit.
The property taxes are calculated based on the assessed value of the condo unit, which is determined by the Municipal Property Assessment Corporation (MPAC).
The property tax bill is typically sent to the condo corporation, which then distributes the individual unit owners' share of the taxes.
Condo owners can also receive a separate property tax bill if they own parking spaces or storage lockers that are not included in the condo corporation's assessment.
It's important to note that the condo fees you pay to the condo corporation typically include a portion of the property taxes. However, you may still receive a separate property tax bill from the municipality.
