The city’s combined elementary school construction project now has a price tag for taxpayers.
If the residents of Gloucester approve the debt exclusion on Nov. 3, the city has projected that it will cost Gloucester homeowners $.20/$1,000 to cover the almost $40 million of expenses to combine East Gloucester and Veterans’ Memorial Elementary School.
“We are trying to moderate what the impact is going to be on the tax rate,” said the city’s Chief Financial Officer John Dunn, noting that if a home was assessed at $500,000, the total increase of taxation would be $100 a year.
The Massachusetts School Building Association has agreed to grant $26.9 million towards funding the construction project, which has a total estimated cost of $66.7 million.
If the Nov. 3 vote goes in favor of the project, Gloucester taxpayers will see the city exceed the state’s Proposition 2 ½ tax cap for the time