Increment feels unjustified

I wanted to share my recent experience in the Social Sector, where I work with a SSA.

Received a yearly increment of $300 (about 10-12%), but due to market re-alignment, it’s essentially just an $80 raise (3.5%). Company justifies it as the highest for my role. Also, a recent promotion was rejected citing budget constraints and early progression. Pushed for a review, awaiting response. Considering a $230 shortfall from market rate and 16 months of service, seeking advice on what amount to accept if the review is successful. Planning to leave after 2 years due to poor progression and company culture. Need proper compensation or will consider leaving after yearly bonuses. Thanks.