Bridgeport's mayor announced Saturday that his proposed budget includes a tax cut for property owners, something the city hasn't seen in 12 years.

Surrounded by members of the City Council, Bridgeport Mayor Joe Ganim announced that his proposed budget includes a modest reduction in the city's tax rate, from $54 million to $53 million, which he says will save the average homeowner about $150 a year.

Ganim says the city is able to cut taxes because of the billion dollars in recent investment by developers which has grown the city's tax base.

“With prudent budgeting and cost-cutting, we're in a position now to give a little bit back by reducing property taxes to the residents of the city of Bridgeport finally," says Ganim.

Ganim is the first to admit that nobody's going to get rich with the money they save on this tax cut, if it is approved. He says its "symbolic" value is priceless, however, as a sign of reassurance that things are getting better and not worse.

Ganim says he will formally deliver his budget proposal to the City Council on Monday.