Tampa's city council approved its $876 million budget Wednesday night for the next fiscal year.

According to Bay News 9 partner newspaper the Tampa Bay Times, Tampa's property tax rate will remain at about $5.73 in city taxes for every $1,000 of assessed taxable property value.

That means owners of a home with a $138,000 assessment would pay a property tax bill of about $504.

However, since property values have increased, Tampa residents can expect to pay about 5 percent more on property tax bills.

The budget also includes a 2.5 percent raise for city workers as well as money to hire new police officers. The budget also includes funds for increased spending on road resurfacing and drainage projects.

The new budget takes effect Oct. 1.