To determine the property tax for a $1.3 million condo, consider the Annual Value (AV), typically the estimated annual rent. Assuming an AV of $48,000, the tax calculation for owner-occupied properties from 2025 is:
- First $12,000: 0% = $0
- Next $28,000: 4% = $1,120
- Next $8,000: 6% = $480
Total tax: $1,600. With a 15% rebate ($240), the payable tax is $1,360.