Every year, property owners in Fort McMurray receive their Municipal Property Assessment Notices, which can sometimes cause confusion about their home’s actual market value. If you’re wondering how your assessed value compares to what your home could sell for today, let’s break it down.
When Are Property Assessments Determined?
The RMWB Property Assessment Notices for the 2025 tax year will be mailed on February 18, 2025, to all property owners in the region. These assessments are based on:
✅ An evaluation date of July 1, 2024
✅ The physical condition of your property as of December 31, 2024
This means the assessed value reflects market conditions from last year, not the present-day real estate market.
Property Assessment vs. Market Value
A Municipal Property Assessment is used primarily for tax purposes, and its valuation is based on historical data from the previous year. Because of this, it may not align with:
🏡 A real estate market evaluation (which reflects current market trends)
🏦 A bank mortgage appraisal (which assesses value as of the appraisal date)
How Is Market Value Determined?
As a local REALTOR®, I help sellers determine their home’s true market value by preparing a Comparative Market Analysis (CMA). This evaluation includes:
📊 Recent sales data of comparable homes in your area
🏡 Active & pending listings that showcase market demand
📈 Adjustments for unique features of your home (renovations, upgrades, location, etc.)
In other words, a CMA tells you what your home is worth in today’s market—not last year’s.
Why Does This Matter?
If you’ve been comparing your Municipal Assessment to your home’s actual value, remember:
Assessments are historical and based on previous-year data.
Market value is fluid and reflects real-time buyer demand.
Upgrades and renovations aren’t always factored into municipal assessments.
This time of year always sparks conversations about property values in Fort McMurray. If you’re curious about what your home is worth right now, I’m here to help!
Get a Free Market Evaluation
Throughout March, I’ve set aside time to complete Complimentary Comparative Market Evaluations for homeowners. If you’d like to take advantage of this offer and get a true picture of your home’s market value, reach out today!
📩 Message me anytime to book your free CMA.
Let’s make sure you have the most up-to-date information on your home’s worth!
Written by Kate Arnold | REALTOR® ®