Calculator: See how much your London property tax bill could rise in the next 4 years

As London council begins picking apart the 2024-2027 budget tabled by Mayor Josh Morgan last week, the one thing that's certain when everything is eventually approved is that your tax bill is set to go up.

Way up.

The multi-year budget includes projected tax increases of 8.8 per cent in 2024, 8.6 per cent in 2025, 5.7 per cent in 2026and 6.5 per cent in 2027.While compounding interest is great when it comes to your investment portfolio, it works the other way with tax increases. Based on Morgan's tabled budget numbers, property tax bills could rise by 33 per cent by 2027.

As of Feb. 15, budget deliberations led to potential tax increases of8.7per cent in 2024, 8.8per cent in 2025, 5.8per cent in 2026and 6.8per cent in 2027, up from the mayor's tabled budget.

So what does that mean when it comes to dollars and cents? Enter your 2023 tax bill total in our calculator below to find out how much you're going to need to budget for the future.

When determining a house's property tax, it's theassessedvalue that's used, not the market value. Those assessments are done about every four years bythe Municipal Property Assessment Corporation (MPAC), which istypically less than half a home's market value.

For example, a house that was purchased for around $750,000 in 2023 could have an assessed value of $313,000, which comes with an annual property tax bill of about $4,500. Based on the mayor's tabled budget numbers, that bill will climb to nearly $6,000by 2027, a $1,500increase.

For details on where those tax dollars go, you can head over to the City of London website and get the breakdown with their multi-year-budget calculator.