The City of Bremerton hopes to save property owners a few tax dollars starting in October by reducing its interest rate on public safety bonds approved in 2002.

The $12.9 million in bonds were approved by voters in September 2002 with a 66 percent to 34 percent vote and paid for a new fire station, police department and vehicles and equipment for both departments. Currently, the city pays just more than 5 percent interest on the bonds, but hopes recall the bonds and and issue new bonds with an interest rate of about 3.3 percent. This would save Bremerton property owners $50,000 per year collectively, said City Councilman Will Maupin, member of the City Council Finance Committee.

Maupin said he did not know how exactly how big of a tax cut property owners would see, but said the $50,000 savings spread among all Bremerton property owners would save them a few dollars apiece. Taxpayers would not necessarily see a net decrease in taxes – changes in the general tax rate and increases in assessed property value could hike taxes – but they would be lower than what they otherwise might be, Maupin said.

The city will vote to issue the new bonds Oct. 20.