It doesn’t necessarily mean your property taxes are going up.

The city mailed the second of three batches of preliminary assessment notices this week to about 62,000 homeowners in southwest Winnipeg. The first batch of about 70,000 hit northwest Winnipeg in November, while the final batch of about 76,000 will hit homes east of the Red River next month.

The notices are preliminary estimates of your 2012 assessment, which is the market value of your home, as of April 1, 2010.

“It’s our estimate of what your property would have sold for on that date,” said Nelson Karpa, director of taxation and assessment for the city.

That value will provide the basis for your 2012 property tax bill. This year’s tax bill, which is based on the 2010 assessment (the April 1, 2008 market value) will be mailed in May and will contain the same assessed value as it did last year.

Karpa said the average citywide increase between the 2010 assessment and the preliminary estimate for 2012 is somewhere between 12% and 15% for residential properties.

But that doesn’t mean your property tax bill will climb by that same percentage.

When properties are re-assessed, the city decides how much your taxes will be based on the comparison of your property’s increase to the overall average increase, which includes both residential and commercial properties.

During the 2010 assessment, for example, the average was about 67%, so anyone whose property value grew by more than that ended up paying more on their property tax bill, while anyone whose increase was below that number paid less.

The total property tax revenue — minus new properties — stays the same for the city, which is what is meant when councillors talk about the “property tax freeze.”

Karpa said people shouldn’t fear a jump of more than the 12% or 15% average on their 2012 estimate means an increase, as the commercial properties have not yet been calculated and included in the average. The tax rate will also depend on decisions made by city council, school boards and the provincial government in the coming months.

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According to the authors, for the second consecutive month, home value did not rise from the month before in all six markets. The trend of Canadian home prices has been different in every region, there was a noted decline in Calgary and Vancouver while on opposite direction in Toronto, Montreal, Halifax and Ottawa.

See the price gain in these 6 major Canadian cities based from the data gathered from public land registries:

Results had shown that home value was up 10 per cent in August compare to the previous year. Although majority were gained in the first half of the year.

Buyers rushed into the market amid fears of higher interest rates, tighter mortgage rules and a new harmonized sales tax in B.C. and Ontario—one good explanation why home prices inflated quickly at the beginning of the year. However, the market went on the opposite by spring which was supposed to be the busiest period.

According to a Royal Lepage poll, housing prices drop as well as the sales in the third quarter and increases in housing slowed to a more normal 5 per cent rate year-over-year. The Canadian Real State Association said in its monthly report that home prices in September were little changed from last year at $331,089.

Despite the weak market condition, prices continue hover record highs, which may place the country in a housing bubble. Canadian homes may be overhauled and that home prices drop could more sharply than expected. If this takes place it would exacerbate growing debt burdens that households are facing, said Bank of Canada Governor, Mark Carney.

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In other words, Canadian homeowners are unlikely to experience what U.S .have underwent in terms of the decline of their home value.

“The relationships between average price and income has recently been cited as portending a U.S.- style correction in Canadian home prices,” said Gregory Klump, chief economist for CREA.

Home prices tend to perform well in the market in accordance with periods of sharp growth periods of stability. By contrast, income generally follows an orderly upwards trend over time.

Winnipeg REALTORS® president Claude Davis said the Winnipeg market is more characterized by the term “slow but steady.” In addition, it is known to be one of the most affordable markets in Canada which is not prone to accelerated price increase unlike Calgary, Vancouver and Toronto.

“The Canadian housing market is now widely thought beat, or very near, the top of a cycle,” said Klump, “and the ratio of the home prices to incomes is currently high. This ratio will revert to its long-term average as it always does as part of a normal housing market cycle.

“History suggests, however, that it will not do so by means of a significant correction in home prices,” he added. “The more likely scenario is that home prices will stabilize, giving incomes chance to catch up again.”

Conservative lending practices in the mortgage industry combined with prudent borrowing and accelerated payments among Canadian mortgage holders have been seen throughout the recent housing market cycle.

Accelerated accumulation of home equity will provide options for the small proportion of homeowners who may face financial difficulty when their mortgage is renewed at a higher interest rate. Their trends are expected to help Canada avoid a U.S.-style housing crisis.

The unwinding of the housing boom in Canada will be more orderly, characterized by softening sales activity and stable prices, according to CREA.

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