Jan. 5 is the day over 500,000 Calgarians find out just how much the city thinks their property or business is worth, and what that means for their tax bill.

The notices, mailed out Tuesday, reflect property values as of last July 1.

The city assessor says his department's analysis of the market conditions at that time showed prices were stable compared to mid-2014.

"Although there will always be variances among individual properties and specific communities, our observation of the market indicates that overall residential market change from July 1, 2014 to July 1, 2015 is down only one per cent and the residential condominium market is up three per cent," wrote Nelson Karpa, in a blog post in December.

"Properties are still selling and the selling price shows they are holding their value."

City council has already approved a 3.5 per cent increase in property taxes, but the provincial government has yet to set the education tax.

Anyone who doesn't agree with their assessment has two months to file an appeal.

Our story on the 2016 assessments can be found here.