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Large revaluation raises median home value; lower tax rate proposed still raises typical bill in dollars
Summary
City staff said citywide revaluation dramatically increased assessed values and showed how a lower proposed tax rate can still increase the dollar amount paid by a typical homeowner. Council asked for more homeowner impact detail.
Durham’s budget presentation emphasized a recent citywide revaluation that sharply increased assessed values and changed how a typical homeowner’s property tax bill is calculated. Budget staff said the revaluation produced a historic jump in assessed real property values and showed staff’s calculation of the effect on the median homeowner.
Why it matters: revaluation changes the assessed base used to set tax rates. Even if the cents‑per‑$100 rate drops, the higher assessed values can raise the actual dollars a homeowner pays — a…
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