For people living in average band D properties it will mean about another £50 on their annual payment.
But the figures will not be final until the police and fire service add on their precepts - roughly an extra 10 or 15 per cent.
A Band D bill will be £1,175.89.
Last year, the police and fire precept added a further £167 to the council charge of £1,127.02.
The increase is slightly lower than last year's rise of 4.4 per cent and the ruling Labour group says it means the town will still have the lowest council tax in Lancashire.
The Government has capped the rate of increase at five per cent.
Revenue spending, which will total £120.35m, will be kept under control with continuing re-assessments of staffing levels while some services are to be reviewed.
Among the areas facing financial pressure are tourism, energy costs, maintenance of CCTV, and the ranger service.
Council Leader Coun Roy Fisher said: "As always the council has the difficulty of balancing the need to improve services against the requirement to keep council tax low.
"We believe we can maintain our pledge to have the lowest level of council tax in Lancashire, and less than many similar authorities across the region, while continuing major capital investment in our schools, roads and regeneration.
"There's no denying that it's an extremely challenging budget.
"The council faces increasing financial pressures, especially in terms of rising costs of Adult Social Care and Children's Services compounded by Blackpool's high level of local need and deprivation levels.
"But I remain confident we have created a platform for sound finances."
Capital spending of more than £250m over three years is planned including a massive 25-year upgrade of street lighting, investment in schools and waste recycling.
The increase goes before the council's executive on Wednesday February 7 before a special meeting of the council on Friday February 23.