By Emily Walkenhorst
Wake school board asks county for $530.7M bond proposal for voters.
RALEIGH, NC –
The Wake County Board of Education voted Tuesday to ask county commissioners to place a $530.7 million school building bond on the November ballot.
The bond could come with a tax increase for residents as inflation continues to rise faster than usual and remains top of mind for many residents of Wake County and beyond. It would the first bond in four years.
The school system’s bond request coincides with an expected $353.2 million bond request expected from Wake Technical Community College, according to a presentation from county officials to county commissioners during a retreat earlier this month.
The bonds, combined, could necessitate a one-cent property tax. That would be $10 for every $100,000 of a property’s assessed value for the year. Wake schools would get $6 of the $10, while the community college would get $4. Average home value in Wake County was $337,000 in 2021, meaning the impact on the average homeowner would be about $33.70 for a year, $20.23 of which would go to the school system.
Commissioners could decide by May 18 to approve both bond requests.
The bond would help the school system accommodate for growth in the county — which topped 1.1 million residents in the 2020 U.S. Census — and maintain its buildings.