Voters approved an $810 million school construction bond Tuesday to start one of the biggest construction projects in Wake County history. 

According to unofficial totals, 58 percent of voters out of the more than 172 precincts that had finished voting as of 9 p.m. Tuesday supported the bond, The News & Observer reported.

This bond will provide funding for 16 new schools in Wake County but will also raise property tax.

Proponents of the bond said the additional debt comes at an appropriate time, with Wake County’s property tax already relatively low.  

Property tax in Wake County is 53.4 cents per $100 dollars, one of the lowest in the state, according to The N&O. 

“My view is that Wake County can afford the additional debt, particularly in anticipation of the rapid growth projected for the region,” said Michael Waldon, a professor of economics at N.C. State.

He also said the interest rate on the debt will be locked in, and because interest rates are low, now is a good time to borrow.

Proponents also said the improved educational system will bring more money to the area.  

Walden said there’s overwhelming evidence that high-quality education is crucial for economic improvement and that it attracts businesses to the area, causing economic growth in the community and increasing the property value of homes in the area.

However, opponents of the bond said they’re worried about the long-term economic effects of this added debt.  The bond will cause a 10 percent property tax increase, which will cost the average homeowner in Wake County $145.72 per year.  Also, the decision to build new schools rather than improve existing structures is causing skepticism, according to Bobby Puryear, an economics professor at N.C. State.

“I am concerned about the amount of funds being requested and whether appropriate decisions are being made as to when it is prudent to renovate, versus engage in new construction,” Puryear said.

Puryear also said that due to the number of variables associated with the issue it’s difficult to determine the long-term effects of this project, and the sheer size of the loan would raise the county’s debt substantially.  

Another concern about the bond is the effect it will have on the credit of Wake County, which is one of only 39 counties in the United States to hold an AAA Bond rating.  Although financial analysts don’t seem to be worried about the credit rating, skeptics are quick to point out that this bond would raise the debt to more than $3 billion, according to The N&O.  

In June, The Wake County Board of Commissioners will consider a tax increase to pay for the bonds. If approved, the taxes will take effect the following year.