How are your 2012 taxes calculated?
The amount of your property taxes is calculated using two variables:
- The assessed value of your property, as calculated by the Municipal Property Assessment Corporation , and,
- The tax rate, as determined by the revenue requirements of the City of Oshawa, the Region of Durham, and the Province of Ontario who sets the rates for the education levy.
The formula used to calculate your taxes is as follows:
Assessment x Tax Rate = Taxes
For example, a residential property (rtc/rtq RT) located within the City of Oshawa, owned by a public school supporter, assessed at $225,000 would pay the following 2012 property taxes:
|City:||$225,000 x 0.685463%||=||$||1,542.29|
|Region:||$225,000 x 0.718806%||=||$||1,617.31|
|Education:||$225,000 x 0.221000%||=||$||497.25|
|Total||$225,000 x 1.625269%||=||$||3,656.85|
Please review the Tax Rate link above to view the tax rates for all property classes.
Review how the calculations are presented on your tax bill.