Property taxes usually change every year, but they do not always necessarily increase. The rate in any given year will depend on the needs of the city at that time. For example, Toronto had a higher property tax rate in 2018 than it does today. The property tax rate in Toronto from 2018 to 2020 actually decreased but increased again this year. This is due in part because as property assessment values increased in recent years, tax revenues increased and allowed the rates to drive lower.

Take the Toronto City Building Fund as an example. This addition to property tax was not always part of your payment. Rather, it was added in recently to address an assessment that the city would need additional income to raise sufficient cash for improvements and maintenance in the coming years. This value could change depending on if the city needs more money than it thought or less than they initially calculated.

Canadian real estate wealth