Raleigh passed its budget Monday, which raised the city’s property tax rate despite cutting spending by around 1%.
The new tax rate of 37.2 cents per $100 of assessed property value will give the owner of a $391,000 home, the median assessed value in Raleigh, a city property tax bill of $1,454.50. That’s a nearly $67 increase.
The fiscal year 2027 budget, which will take effect July 1, totals $1.76 billion, a decrease from this year’s budget of $1.78 billion…