Markham property tax is based on the assessed value of your home. Every four years, the Municipal Assessment Corporation (MPAC) conducts an evaluation of properties all over Ontario and submits assessed values for each of them. This assessed value can differ significantly from the market value of your property. Your final property tax amount is calculated by multiplying the Markham final property tax rate for the year by the MCAP property assessed value.
You can calculate your property tax using either your home's MCAP assessed value or your home's most recent market price. Just enter the price and type of your property, and we will give you an instant property tax estimate.
Markham is charging no penalty or interest from April 1 to December 31, 2020 for property-tax payers. Those in the Pre-authorized Payment Program can cancel their payment for the April 1 installment and opt out of the program at least two weeks prior to the original instalment date.
The City of Markham has not yet released it's 2020 final property tax rates. Rates will be updated as soon as they are published.
|City||Final Tax rate|
|Richmond Hill||0.688357 %|
Property tax is a tax based on the assessed value of a property. If you own a property or parcel of land, you will have to pay property tax. It is used to pay for city services such as police, the fire department, and public transit as well as elementary and secondary education.
There are two main parts to a property tax:
Some cities may add additional taxes. For example, the City of Toronto has a City Building Fund Levy that is used for public transit and housing projects in the city.
Property tax rates also depend on the type of property. Common major categories are Residential, Multi-Residential, Commercial, Industrial and Farmland. Almost all homes will apply under Residential property tax rates.
|Residential Property Tax Rate for Markham from 2018 to 2020|
|Year||Municipal Rate||Educational Rate||Final Tax Rate|
|2020||Not Available||0.153000%||Not Available|
|Markham at a Glance|
|City Area||212.35 km 2 (81.99 sq mi)|
Property value assessments in Ontario are conducted every four years by the Municipal Property Assessment Corporation (MPAC). They conduct assessments for all types of property in Ontario ranging from residential properties to farms to commercial properties. For residential properties, they use a number of factors, including market price, to determine the assessed value of a property. While they release overviews of their valuation guidelines, there is no transparency in the assessment of a specific property.
Homeowners may find that the assessed value of their property differs significantly from its market price. There is also no way to retrieve and compare the assessed value of other properties.
* For mortgages of at least $500,000 with down payment under 20%.
WOWA assumes no liability for the accuracy of information presented.
† For mortgages of at least $500,000 over a 25-year amortization period.
If you entered your home's MCAP assessed value, we calculate your property tax by multipling your assessed value by Markham's final property tax rate.
If you entered your home's market value, we use our analysis of properties in Markham to determine your home's assessed value using it's market price and property type.