Property taxes are based on a mill rate. This is calculated by taking the total municipal budget and dividing it by the total assessed value of all properties in the class (such as residential).
The mill rate will be low if property values are high. But then the mill rate is multiplied by the assessed value of the property to determine the property taxes paid.
“Each municipality is unique,” explains Prof. Pavlov. “The mill rates are specific to each municipality, so taking the a mill rate from one city and applying it to another city’s unrelated property values is like comparing apples to oranges. It is a misuse of data.”
In the case of the City of Vancouver, the mill rate will be low because property assessed values are so high, but once this is multiplied out, based on MLS Benchmark detached prices, it is clear that Vancouver has the highest property taxes in Canada.
Full story here: https://elizabethmurphyblog.wordpress.com/2018/05/24/canadian-property-taxes/