NEW HAVEN, Conn. (WTNH) — New Haven Mayor Justin Elicker unveiled his $662 million annual budget on Wednesday for the upcoming fiscal year.

The city is entering its second year of phased property value increased. Elicker’s budget attempts to balance that with a slight reduction of the property tax rate.

“While our new tax rate is high for some municipalities in Connecticut, our tax rate is lower than Hartford, Waterbury, Bridgeport, Hamden, West Haven, New Britain, New London, to name a few,” he said.

The budget would go into effect in July.

The New Haven Board of Alders will review the proposal. A final vote should come in May.