A Concord or Harrisburg homeowner with a $300,000 house would pay an estimated $150 more per year in property taxes if voters approve both bond measures on the Nov. 3 ballot, according to official ballot questions released by Cabarrus County on Tuesday, Aug. 11.
That's $12.50 a month.
The county published the exact language voters will see on two separate questions: a $340 million school bond covering Cabarrus County Schools and Kannapolis City Schools, and a $60 million bond for Rowan-Cabarrus Community College. The Board of Commissioners, led by Chair Laura Blackwell Lindsey, adopted both bond orders on July 21 after a public hearing at the Cabarrus County Governmental Center in Concord. Board of Elections Chair H. Jay White Sr. signed the official referendum notice, which was posted July 24 and July 31.
What it costs
The school bond would add $42.50 per year for every $100,000 of assessed home value. Over 20 years at a 5.344% interest rate, the total cost including interest reaches $530.8 million on $340 million in principal.
The community college bond adds $7.50 per year per $100,000 of assessed value. Its cumulative cost: $93.7 million on $60 million in principal.
Finance Director James Howden certified those estimates on June 15 using the highest interest rate charged for similar tax-exempt debt over the past two decades, as determined by the North Carolina Local Government Commission. Actual costs could differ. The county has posted a GO Bond Impact Estimator at gobondcalculator.cabarruscounty.us so residents can calculate their specific tax hit.
What the money can and cannot buy
Bond funds are restricted to capital projects: constructing, renovating, expanding and equipping school buildings and community college facilities. The money cannot pay for teacher salaries, classroom supplies or utility bills.
Cabarrus County Schools operates 44 schools. Thirteen were built before 2000, and six are more than 40 years old. The district has cited aging roofs, HVAC systems, parking lots and safety features as priorities, though a school-by-school project list was not included in the ballot documents.
What voters need to do
The deadline to register to vote for this referendum is Friday, Oct. 9. Residents with questions about registration, absentee ballots, one-stop voting or polling places can contact the Cabarrus County Board of Elections at 369 Church St. N, Concord, or call (704) 920-2860.
