ROCKFORD, Ill. (WIFR) - The City of Rockford is reducing the property tax levy which they believe will also reduce the property tax rate.

The city's the proposed 2017 property tax levy to fund operations in 2018 will be reduced by $406,512. This is the fifth year the city has either reduced or kept the levy flat they say.

A Finance Task Force has been working with the city to make recommendations to help the city with an expected $10.2 million budget deficit. The task force will make recommendations in December.

“The proposal we are presenting to the City Council holds the line on our property tax levy for the fifth straight year and is a reduction from last year,” says mayor Tom McNamara. “I supported this type of fiscal responsibility during my time on the City Council and it’s important we continue to be good stewards of tax dollars.”

The city's property tax rate is estimated to be reduced from 3.8454 to 3.8290 based on the proposed levy reduction.