On Election Day, Nov. 8, 2016, Albemarle County voters can decide whether the county can borrow up to $35 million to finance school improvement projects by issuing general obligation bonds to investors. Over many years, the county would repay the investors with interest. The county’s AAA credit rating will ensure that the bonds have the most competitive interest rate.
To cover the cost of the projects and the interest from the bonds, the Board of Supervisors may increase the county’s real estate tax rate by 1.3 cents. For the median home value in Albemarle ($285,000), this would increase the annual real estate tax bill by $37.05.
If voters reject the bond referendum, the county would have to use a different form of financing for the school improvement projects. This could cause delays or reductions to these projects.
LEARN MORE! Additional resources below include all of Charlottesville Tomorrow's coverage of the bond referendum and an informational slideshow.
Read the text of the bond referendum on Albemarle County's website.
Other resources from Albemarle County:
- Download a Printable Brochure
- Download the FAQs
- Download a Map of Projects by Feeder Pattern
- Download a List of Projects by Feeder Pattern
- Download a Copy of the Ballot Question and Description
- Download a PDF of the Informational Community Presentation