Council Vice President Edward Reisinger said he supports the mayor's vision.
"Any time we can pass property tax cuts, I am 1,000 percent in support," he said. "That's the one thing about this administration, I do give her kudos, the mayor does plan out. This mayor isn't kicking the can."
Also Wednesday, City Auditor Robert L. McCarty told the board the city had to spend nearly $1.5 million to rework audit reports that contained erroneous information.
Pratt said the city could have saved money if the finance department had listened earlier to auditors' concerns about inaccurate books. The comptroller said auditors brought the errors to the city's attention in 2009.
"I was very displeased we had to spend additional money to have these statements restated," Pratt said. "We're one city. We like to work together. We're not trying to say, 'I got you.' We want to work with other agencies to make sure the city's records are in the best shape they can be."
The city finance department said in 2011 that it had mistakenly overvalued $223 million in roads, bridges and other property in financial statements.
Then-finance director Edward J. Gallagher said the city's accountants did not classify about 5 percent of Baltimore's $4.3 billion of fixed assets in the correct accounting category, causing the property — which includes resurfaced roads, renovated buildings and improved parks — to be overvalued in financial statements. City accountants never factored in the depreciation of the assets, officials said.
The city auditor released audits last week and Wednesday that corrected the books for 2010 and 2011.
The auditors raised concerns about financial practices throughout city government, including accounting of property tax revenue, water bill payments and grants received.
Asked about the books last week, Rawlings-Blake said the city worked diligently to make corrections.
"It did take time," she said. "But we also took it very seriously, and we wanted to make sure that we were getting it right. When you do this type of comprehensive audit, it is complex. It's a $2.4 billion corporation. My instructions were to take the time to get it right, and that's what we did."
Baltimore Sun reporter Luke Broadwater contributed to this article.
By the numbers
Baltimore's property tax rate remains the highest in the state at $2.268 per $100 of assessed value. The break approved Wednesday reduces the rate to $2.176 per $100 for owner-occupied homes.
Other area property tax rates (per $100 of assessed value):
•Baltimore County: $1.10
•Howard County: $1.15
•Anne Arundel County: $0.91