Homeowners in some booming Alberta communities will be feeling the pinch from this week's provincial budget after changes were made to education property taxes.

The province has lifted a cap on increases in property taxes in rapidly growing municipalities, like Chestermere, Wood Buffalo and Waterton and Banff National Parks.

The changes also means that homeowners in larger municipalities will pay less provincial property tax.

In Calgary, for example, the average homeowner will have their bill drop by about $40 this year.

The provincial government has also created a new budget policy that will see property tax cover 32 per cent of the Education department's operating budget, meaning education property taxes are now directly tied to school spending in Alberta.

  • For more on the story, watch the report from CBC's Sherri Clark by clicking the image above.