Mississauga has highest property tax hike among southern Ontario cities

While Mississauga is in the middle of the pack when it comes to property tax rates in the GTA, a new report indicates that property owners in the city saw the biggest year-over-year tax hike in 2024.

According to a recent report by real estate website and blog Zoocasa, homeowners in the city saw property tax rates climb 7.39 per cent from 2023 to 2024, slightly higher than Toronto’s tax hike of 7.36 per cent and Scugog’s increase of 6.78 per cent. 

The report, which compiled and ranked the 2024 residential property tax rates for 30 cities across the GTA using data sourced from each municipality’s website and average year-to-date home prices from the June 2024 Toronto Regional Real Estate Board report, says that the tax rate in Mississauga is currently 0.946649 per cent. This means that people living in a property appraised at $500,000 pay $4,733 a year. 

Homeowners in properties worth $750,000 pay $7,100 and those in homes valued at $1 million pay $9,466.

The average home price in Mississauga is $1,074,907 (all home types combined). 

The report notes that towns and cities decide on their property tax rates yearly, considering their own unique budgets. These taxes are calculated by multiplying the municipality’s residential tax rate by the assessed value of a home, which is decided by the Municipal Property Assessment Corporation (better known as MPAC). 

Property taxes fund essential services such as police and fire departments, infrastructure maintenance, schools, waste collection, snow removal, sewage upkeep and more. 

The report also notes that in towns and cities with higher populations, residents might pay less because there is a larger pool of residents from whom to collect taxes. 

“Understanding property taxes is essential for budgeting, whether you own a home or are considering buying one. Even if you’ve reached a mortgage-free status, you’ll always have to account for them in your finances,” the report reads. 

While Mississauga had the highest year-over-year increase, residents do not pay the highest property taxes in the GTA. According to the report, some towns and cities with higher tax rates include Brampton, Pickering, Ajax, Whitby, Barrie, Oshawa and Orangeville. 

Towns and cities where residents pay less include Toronto, Markham, Vaughan, Richmond Hill, Oakville, Burlington, Caledon, Milton and Halton Hills.