Property assessment notices are in the mail for some half a million Calgary residents and business owners and most people will see an increase this year.

The city says the typical residential assessment is up six per cent, while the increase for a commercial property is 11 per cent. 

"An increase or decrease in your property's assessed value doesn't necessarily mean your property taxes are going to go up by that same amount," said city assessor Nelson Karpa.

The city says 1,939 properties will see a decrease in their assessment mainly because of damage from flooding in June, which adds up to a $405 million drop in value.

In terms of property tax revenue for the city, it would mean a $2.4 million loss, according to city assessors. But a city council committee voted in December to use a reserve fund to make up for the property tax losses. 

Karpa says members of his department relied on aerial photos, neighbourhood tours and housing sales to determine the value of damaged properties.

The total value of the 2014 property assessment roll is $276 billion while the total business assessment roll is $3.15 billion.

The typical single residential property in Calgary is now assessed at $430,000, while the typical residential condominium is assessed at $260,000.

The assessment notices are not tax bills, but are used to calculate municipal taxes. Calgarians can review their assessments and ask questions from Jan. 3 until March 4. 

The 2014 business tax bills will be mailed in early February and the property tax bills in late May.

If customers wish to discuss their assessment further, they're encouraged to contact assessment at 403-268-2888.

The following YouTube video from the city breaks down the role of property assessments.

On mobile? Click here to watch the city's analysis of the numbers.