Property tax rates will remain unchanged after the Honolulu City Council today approved a new budget of more than $2.7 billion for the coming fiscal year.

The rates may mean a property tax savings for some, following a decline in assessments last year, which saw the total assessed value of residential property on O'ahu decrease for the first time in six years, falling 2.7 percent.

Also approved as part of the budget today was a one-time, $100 real property tax credit for qualifying homeowners, down from a $200 credit in place last year.

By a 6-3 vote, the council passed an operating budget of $1,807,933,842 for the period July 1 through June 30, 2009.

The council voted 8-1 to pass a capital budget of $953,625,679, with much of the money earmarked for roads, sewers and transit.

Councilmembers Charles K. Djou, Donovan M. Dela Cruz, and Ann H. Kobayashi voted against the operating budget, while Djou was the lone no vote on the capital budget.

The budget increased by more than 12 percent from last year.

The city administration attributed the increases in operating costs to increased debt service, pension and health-insurance payments, and arbitrated pay raises.