As a real estate broker, out of town buyers often ask me “what are property taxes in Prince Edward County?”
Although it would be accurate to say “better than Toronto”, that’s not particularly helpful.
To come up with a better answer, I looked up the selling price and real estate taxes for all detached home and condo sales in the County for the last 12 months. (After excluding listings with no property taxes shown, the total was 386 homes.)
The results are plotted in the graph above which shows the following things:
First, overall there is a linear relationship between selling price and real estate taxes (as there should be under our system based on market value assessment).
Second, on average, the relationship between selling price and taxes is y = .049x + 527. Another way to say the same thing is that average tax equals 5% of the selling price plus $500. Using this rule of thumb, typical taxes on a $500,000 home should work out to about $3,000 a year.
Third, for any given price point, the actual property taxes can vary widely. When I looked at homes at the $500,000 price point, the actual taxes paid varied between a minimum of $2,100 to a maximum of $4,200.
Conclusion: my rule of thumb gives a general idea of how property taxes in Prince Edward County stack up against other municipalities, but it’s import to check the actual taxes paid when you’re considering a specific home.