Raleigh $1.43B budget proposal shows many residents will pay more property taxes
RALEIGH, N.C. (WTVD) -- When condominiums where built across from Fletcher Park in Raleigh in the 1980s, Olga Monroe bought a unit right away.
Some four decades later, she said her taxes are too difficult to handle. Monroe was hoping Raleigh leaders might offer a significant relief in the upcoming budget, but that does not appear to be the case.
"It's very abusive," she said. "It is excruciating because I've lived in the same place since 1980, and why do they have to penalize me for where I live."
The tax rate on Monroe's property is technically going down, but because of how much her home value has increased, she'll ultimately be giving more money to the government.
Amber Coleman graduated from Fayetteville State University in 2021. She said between property taxes and the competitive real estate market, homeownership is becoming even further out of reach.
"I'm still living with mom. I have not quite moved out yet. I'm actually looking in different states or different areas possibly to move because Raleigh is just not affordable for a recent college grad," said Coleman.
City leaders said the increased revenue is needed as Raleigh continues to grow at an incredibly fast rate.
The extra revenue is going to be used to expand the Raleigh budget. Raleigh City Manager Marchell Adams-David presented her $1.43 billion budget proposal Tuesday. The budget includes an 11 percent hike from what was adopted last year.
"The growth in expenditures continues to outpace the growth in revenue," Adams-David said.
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The city said it's trying to increase spending in several areas, including workforce investments.
The proposal includes an annual five percent pay increase for police, fire and emergency communications personal.
There will be a public hearing on the budget June 4th at 7:00 p.m.
