If Flowery Branch residents see a hike in their property tax bills, it won’t be because of the city’s tax rate.

The City Council gave its first OK Thursday night to dropping the rate to 3.264 mills from the current 3.337 mills, with 1 mill equal to $1 for each $1,000 in assessed property value.

The new rate is based on city property tax revenues staying the same even with higher reassessments. That means those who didn’t see their property values increase will get a tax cut, but those who saw values increase may see a tax hike.

Revenues will go to support a general fund budget of $4.4 million for fiscal 2016-17, which begins July 1.

No one spoke at a public hearing on the budget at Thursday night’s meeting.

The council is set to adopt the budget and give its final OK to the tax rate at its June 16 meeting.