Construction of the new Page Middle School in Gloucester is expected to add 1 cent to the real estate tax rate beginning in the 2015 budget year.
The Board of Supervisors was given that information by Ted Cole, first vice president of finance at Richmond-based Davenport & Company, at Tuesday night's work session. Cole based that estimate on the $12 million in financing from the county for the project, which excludes the $6 million in interest-free state bonds that will also be used to finance construction of the new middle school.
Cole told the supervisors the county finances $4.7 million of debt annually at a cost of 12 cents on the real estate tax rate. For the owner of a home assessed at $250,000, that's about $300 a year in taxes to pay for county debt.