The city sent out over 500,000 property assessments on Thursday and officials say property values for single-family homes and condos in the city remained relatively stable.

Officials say the 2019 median price for a single-family home is now $475,000, which is down from $480,000 in 2018.

The median price for condos in the city also took a hit, falling from $260,000 in 2018 to $255,000.

“Overall, I’d say the residential marketplace was relatively stable with some small adjustments, some small changes, depending on the different areas of the City of Calgary that you may live in,” said Nelson Karpa, City Assessor. “So the overall market change of the residential component is about minus one per cent. So if your assessment went down greater than minus one per cent, chances are you will receive a slight decrease in your taxation for 2019. If your property went down by about that same one per cent, your 2019 taxes will be relatively unchanged. If your property increased in value by more than negative one per cent, all things being equal, your property is expected to achieve a small increase in 2019 for your residential property tax.”

Market value assessment is used to estimate a property’s value and is based on what the property would have sold for as of July 1 of the previous year.

Property taxes are used for city services and programs including policing, roads, transportation, waste removal, recreation facilities and parks maintenance.

Property owners can also look up their assessments online.

The city says the total value of the 2019 assessment roll is $306 billion.

A customer review period will run until March 12 to give people a chance to check their assessment for accuracy.

"It’s really important for us to have very accurate information about what your property is comprised of. There may be things that we may not know about your property that you may wish to draw to our attention to,” said Karpa. “If you do have any questions at all about what your assessment is, what it’s made of, what went into it, the valuation date, the condition date, all those kinds of things, please feel free to call us at assessment.”

Calgarians can ask questions about their assessments by calling 403-268-2888 during the review period.

For more information on City of Calgary property assessments, click HERE.