RALEIGH, N.C. (WNCN) – Wake County residents will see a bond benefitting schools on the Nov. 8 ballot — but it’ll come at a cost.
County commissioners approved two bond referendums at their meeting on Tuesday. Both would fund construction at schools across the county. Combined, they will cost taxpayers $883.9 million.
The first would allocate money for K-12 schools and comes at a price of $530.7 million. The total includes the cost to build five schools, renovations at five existing facilities and funding specific programs. Tax payers would pay this bond from fiscal year 2024 through 2025.
The second ballot item is for $353.2 million and would serve to provide funding to construct five buildings and two parking decks, renovate several facilities and upgrade infrastructure at Wake Technical Community College. Tax payers would pay this bond from fiscal year 2024 through 2027.
The bond would cost the owner of a home an additional $10 for each $100,000 of assessed value.
Wake County estimated the average home in the county has an assessed value of $337,000. That translates into an average tax increase of $33.70 for property owners.
Sixty-percent of those tax dollars would be allocated to K-12 schools with 40 percent going to Wake Tech.
One more step remains though before the item could be legally placed on the ballot. The county will have to make two public notices before the Nov. 8 election. The timetable for those decisions have not yet been announced.