Property values in Calgary gained some ground in the past year, according to city assessors who peg the increase at three per cent.

The city mailed out 491,000 property assessment notices to home and business owners on Thursday.

Acting city assessor Harvey Fairfield said the slight increase provides stability for Calgary homeowners.

"When you look at communities, virtually we have them all plus or minus 10 per cent revenue neutral tax change."

The city assessment puts the median price of a single family residence assessment at $410,000, which is an increase of $10,000 over last year.

The median condominium assessment is also up $10,000 to $250,000.

The city says 57 per cent of residential properties will see a revenue neutral tax decrease while 43 per cent will see a revenue neutral tax increase.

Home and business owners have until March 4, 2013, to appeal the assessment of their property.

City council has already approved a 5.5 per cent property tax hike for 2013 but the final figure won't be known until the provincial government sets the education portion of property taxes in its spring budget.

Property tax bills will be mailed out in May.