Guilford County, NC
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2022 Bond Information
The upcoming Guilford County primary election ballot will include a proposal for a $1.7B school bond that will address safety and maintenance needs in our schools, as well as a quarter of one cent sales and use tax (0.25% fraction of a penny). This bond builds on the initial investment from the $300M bond passed in 2020 to provide upgrades at every school in the District.
Why is the 2022 School Bond Referendum on the Ballot?
A 2019 independent study funded jointly by the county’s board of commissioners and school board found that district schools were, in some cases, literally falling apart. The average GCS school was built more than a half-century ago and more than 50% of schools were rated as being in either poor or unsatisfactory condition.
Guilford County Schools currently has more than $2 billion in facility needs, including more than $800 million in deferred maintenance. Across 12.5 million square feet of facilities – including 126 schools, 300 buildings, and nearly 3,000 acres of land – GCS historically has received less than $0.50 per square foot for maintenance and upkeep of those facilities each year from general operating funds.
School Building Conditions Photo Gallery
Updated on 04/01/2022 3:53 PM
A sampling of some of the building conditions of Guilford County Schools.
How Will the Bond Be Funded?
- Will this impact my property tax rates?
The funding plan presented to the Board of Commissioners at work sessions on October 21, 2021 and April 7, 2022 requires an additional $50 million in revenue each year to repay the bond plus interest ($1.7 billion in principal plus an estimated $719 million in interest, based on estimated interest rates and dividing the $1.7 billion into three bond sales as cash is needed by the school system). In addition to the $50 million, the plan assumes that existing revenue that’s being used now to repay outstanding school debt is repurposed to support the $1.7 billion as the old debt is paid off.
The additional $50 million in annual revenue needed to repay the bond is equivalent to the amount of money expected to be raised in fiscal year 2022-2023 by about seven cents of property tax.
A new one-quarter percent (0.25%) sales and use tax is also on the ballot. If the new sales and use tax is approved, it will generate about $20 - $22 million each year. The Board of Commissioners voted at its November 18, 2021 Board meeting to dedicate revenue from the new sales and use tax (if the tax is approved by voters) to help repay the $1.7 billion bond. If the new sales and use tax is approved, the Board voted at its April 7, 2022 meeting to reduce the general county tax rate by the number of cents equivalent to the new revenue raised, estimated to be about three cents.
In accordance with state law, the County has just completed a reassessment of all real property which is likely to have impacted the value of your property. Refer to the information available online at the county’s 2022 Reappraisal webpage and the 2022 Property Reappraisal Brochure for information about the property reevaluation process. The property tax rate for next fiscal year will be approved in June by the Board of Commissioners with the adoption of the 2022-2023 fiscal year budget.
Given the overall increase in assessed values across the county, the general property tax rate does not need to be raised to generate enough revenue to repay the new school bond, though you will pay more property tax to help repay the bond if your property increased in value and the Board keeps the current property tax rate of 73.05 cents. The amount of property tax you pay will depend on the final property tax rate approved by the Board in June and the new value of your property. The 2022 Property Reappraisal Brochure includes a formula you can use to calculate what you would pay in property taxes at your new property value (included in your value notice) and a given property tax rate.
How Would the Bond Be Used?
Building on the initial $300 million investment from the 2020 bond, which only funds a fraction of the needs, the 2022 $1.7 billion school bond will address critical safety and maintenance needs in our schools. It will provide safer and healthier learning environments for Guilford County students. The bond will help fund:
- Over $363 million in critical safety and technology upgrades at all district schools.
- The construction of 3 new schools on new sites.
- The rebuilding of 18 existing schools.
- A full renovation of 13 schools.
- Major repairs to additional schools like: roofs, heat, air conditioning and plumbing.
Election Dates
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