If you're a Chestermere resident, you now know what your taxes are set at.

The city's tax rate has been officially set at 3.25 per cent.

According to city staff, to minimize the growing property assessments to residents, the city has lowered the residential tax rate by 10 per cent to offset the inflationary change in market value.

Education tax will still be collected on behalf of the Alberta government and the city will keep the portion and send the funds back to the province.

Overall, the city's Capital Budget will provide $44.1 million in funding for Chestermere's capital projects.

As well, the Operating Budget comes in at $62.6 million for the operations and maintenance of the City of Chestermere.