How do property taxes work?

Property taxes are what you pay for the privilege of owning a piece of real estate, and is used to pay for local public services.

The value of your property is assessed by MPAC, who provide that information to the city of London Ontario. The city council and local school boards set their annual budget then apply their tax needs against the total value of the local property assessment.

Once this calculation is complete they determine the 'mill rate' which is applied against a properties assessed value to determine how much your property taxes will be for the year.