CMS reveals how much property owners could pay in new taxes for record $2.5 billion bond
Charlotte-Mecklenburg Schools says its record-setting bond package for 30 projects across the district will require property tax increases in 2025, 2028 and 2029.
Those increases of 1 cent per $100 in valuation each will help pay for debt associated with the $2.5 billion package on Mecklenburg ballots in November, Superintendent Crystal Hill said Tuesday during a presentation to the Hood Hargett Breakfast Club.
It will be the largest bond referendum of its kind in North Carolina history, and the district is pitching the increases as being just $10 in extra property taxes per month by 2029 for people who own homes valued at $400,000. That’s slightly less than the median home list price in the county, according to the Federal Reserve, which used Realtor.com data to place the median price at $475,375 in August.
Hill says the referendum isn’t about a victory for the CMS Board of Education or Mecklenburg County Board of Commissioners.
“It’s about making a difference in the lives of children,” she said Tuesday during the presentation she’s also giving during a series of five town hall meetings.
CMS’ projections don’t include any tax increases that could be required for Mecklenburg County government projects like parks or public safety.
Projects stretch across a broad range of the district’s schools — from replacing a Montessori school in south Charlotte to a new magnet high school in Charlotte’s Second Ward. The largest portion of projects sits in the CMS Board of Education’s District 2, which is mostly contained within west Charlotte. That’s a reflection of where needs for new schools and buildings exist, Hill said.
A full list of projects is available at charmeckschools.org/bond.
Early voting for the Nov. 7 general election starts Oct. 19.
During a Q&A session after her presentation, Hill said she expects the referendum to pass by a wide margin. To help ensure that happens, the Charlotte Regional Business Alliance hired Raleigh-based Republican and Democratic firms, including Jim Blaine, former chief of staff for Senate President Pro Tem Phil Berger, and Morgan Jackson, whose firm has worked for Gov. Roy Cooper’s campaign, WFAE reported.
In recent history, their efforts have worked. The last referendum, for a then-historic $947 million in 2017, won with 73% of the vote. The last time bonds failed was in 2005, with 57% saying “no” to a $427 million package.
