Property tax assessments went out to Calgary home owners on Friday and the city says that one third of home owners will see an increase over last year.
For the first time in several years, the average market value for a single family home fell 4% in the last year.
The average price for a single home in 2009 is $427,500 which is down from $447,500 in 2008.
Condos also dropped by about $13,000 this year, from $291,500 in 2008 to $278,500 for 2009.
The city sent out 431,000 residential notices and says assessments are based on real estate numbers from July 1st 2008.
"We don't set the market, we measure the market and so, market value changes due to economic reasons, due to supply and demand reasons, are the basis on which assessments change each and every year," said City Assessor, Stuart Dalgleish.
The Assessment's 2009 Customer Review Period also started Friday and home owners have until February 2, 2009 to review their notice.
The city is encouraging homeowners to review their notice to make sure they understand it and the assessment process and also to check to see that the information is correct.
Customers can go to the City of Calgary Assessment website for more information and resources.
Homeowners can also contact the Assessment Customer Service Centre, from 8:30 - 4:30, Monday - Friday at 403-268-2888 or 311 after hours.
24,800 business notices will go out next week.
