A handy guide for ensuring reasonable carrying costs on top of monthly mortgage payments
In its latest analysis, brokerage and information portal Zoocasa outlined the Alberta markets with the lowest and the highest property tax rates.
Considered a significant carrying cost, property taxes should be a major consideration for would-be buyers, lest they find themselves saddled with an unexpectedly large bill on top of their already considerable mortgage payments.
However, Zoocasa emphasized that would-be buyers should not make the mistake of assuming that these markets with the lowest taxes are also those that offer more affordable housing.
(Notation: “Tax tier 1” refers to the tax on a $250,000 home, “Tax tier 2” on a $500,000 home, and “Tax tier 3” on a $1,000,000 home.)
[Lowest] Rank 1 – Fort McMurray
Property tax rate: 0.47454%
Tax tier 1: $1,186
Tax tier 2: $2,373
Tax tier 3: $4,745
Average home price: $369,553
Rank 2 – Canmore
Property tax rate: 0.52662%
Tax tier 1: $1,317
Tax tier 2: $2,633
Tax tier 3: $5,266
Average home price: $733,128
Rank 3 – Camrose
Property tax rate: 0.56392%
Tax tier 1: $1,410
Tax tier 2: $2,820
Tax tier 3: $5,639
Average home price: $300,702
Rank 4 – Calgary
Property tax rate: 0.63573%
Tax tier 1: $1,589
Tax tier 2: $3,179
Tax tier 3: $6,357
Average home price: $483,192
Rank 5 – Airdrie
Property tax rate: 0.66878%
Tax tier 1: $1,672
Tax tier 2: $3,344
Tax tier 3: $6,688
Average home price: $355,548
Read more: Fort McMurray is Alberta’s most affordable housing destination
Meanwhile, the markets with the highest tax rates are as follows:
[Highest] Rank 1 – Grande Prairie
Property tax rate: 1.48%
Tax tier 1: $3,700
Tax tier 2: $7,400
Tax tier 3: $14,800
Average home price: $284,135
Rank 2 – Lethbridge
Property tax rate: 1.11067%
Tax tier 1: $2,777
Tax tier 2: $5,553
Tax tier 3: $11,107
Average home price: $279,120
Rank 3 – St. Albert
Property tax rate: 1.05199%
Tax tier 1: $2,630
Tax tier 2: $5,260
Tax tier 3: $10,520
Average home price: $413,190
Rank 4 – Lloydminster
Property tax rate: 0.96803%
Tax tier 1: $2,420
Tax tier 2: $4,840
Tax tier 3: $9,680
Average home price: $307,941
Rank 5 – Red Deer
Property tax rate: 0.92854%
Tax tier 1: $2,321
Tax tier 2: $4,643
Tax tier 3: $,9285
Average home price: $335,217