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# Tax Rates
## How is Property Tax Calculated?
In short, the amount you'll pay in property tax can be calculated by multiplying your most recent home value assessment by the residential rate set by your local municipality. In the province of Ontario, these are based on the following:
* The value of your home, as assessed by the Municipal Property Assessment Corporation (MPAC). This assessment takes into account a combination of factors about your home such as its lot size, whether it has a basement, and if its condition has been improved with renovations and other structural updates. Whether or not it has any special features, such as a pool, is also taken into consideration, as well as the values of comparable properties in the neighbourhood.
+ The latter is especially important for home buyers in rapidly appreciating neighbourhoods; surging local home prices over a short period of time can lead to a shock when the tax bill is opened the following year.
* The Education Tax Rate, implemented by the province of Ontario, the proceeds of which are used to fund regional schools.
* The Residential Tax Rate, which is determined annually by town council.
## Yearly tax rates:
2025 Tax Rates
2024 Tax Rates
2023 Tax Rates
2022 Tax Rates
2021 Tax Rates
2020 Tax Rates
Please contact the Township Office if you require any of these documents in an alternate format or would like to view documents from a previous year.
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