The Austin City Council approved its 2014 budget and set next year’s property taxes at about 1 percent lower than 2013 during its public meeting Monday.

The council finalized the city’s 2014 property tax levy at $4.12 million and next year’s budget at about $30.8 million. The property tax levy is about 1 percent lower than this year’s, which means property owners should see slight savings on their tax bills.

A home valued at $79,500 will pay almost $6 less in city property taxes next year, from $329 to about $323. A $90,800 residential property’s city taxes will decrease from $255 to $251. A $347,000 commercial property’s city taxes will decrease from $2,567 to $2,521.