By BY T. KEUNG HUI
The News & Observer
Wake wants to borrow money for school construction. It comes with a tax increase.
RALEIGH, NC –
Wake County voters will likely be asked this fall to approve borrowing nearly $900 million to pay for school construction projects that would come with a modest tax increase. The school board passed a resolution Tuesday asking the Wake County Board of Commissioners to put a $530.7 million school construction bond referendum on the Nov. 8 ballot. Wake Technical Community College is also expected to ask commissioners to put a $353.2 million construction bond referendum on the fall ballot. Commissioners are expected to approve both requests since they’re built into the county’s model to pay for capital projects. County finance staff say that the $883.9 million in bonds would cost taxpayers a 1-cent increase on their property tax rate.
The owner of a $337,000 home — which was the average assessed Wake County home value in 2021 — would pay $33.70 more per year in property taxes. The owner of a $429,750 home — the average home sale price in Wake in 2021 — would pay $42.98 more per year in property taxes. School board members emphasized Tuesday that using bonds will be the cheapest way to pay for construction needs. Interest rates are lower on borrowing for general-obligation bonds approved by voters.