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Hartford Mayor Luke Bronin wants to shed his city’s crown as the place with the highest property tax rate in the state.

In his State of the City address this week, Bronin pledged his next budget, due in April, will include a cut in the city’s mil rate, the figure representing how many dollars out of each $1,000 of assessed value the city taxes property. For example, a property assessed to be worth $50,000 in a city with a mil rate of 20 would have a tax bill of $1,000 per year.

Bronin didn’t specify the cut, and said it “won’t be as big a reduction as I wish it could be,” but said it will get the mil rate “below 70” for the first time in 15 years. He claimed the cut will be the largest one in “more than 30 years.”

The city’s mil rate currently stands at 74.29 for real property and 45 for motor vehicles.

While the city has begun to attract an increasing amount of real estate investment in recent years, its high tax rate is widely understood to be a deterrent to some developers and investors.