The Neary School Building Committee meeting on March 31, 2025, revealed significant financial implications for Southborough residents regarding the upcoming school project. The average home price in Southborough is currently estimated at $1,245,000, and if the project is approved, homeowners can expect an increase of approximately $703 in their annual taxes. This figure reflects the standalone tax impact of the bond associated with the project, which is set to be finalized in February 2028 after the Massachusetts School Building Authority (MSBA) completes its audit.

Committee members discussed the financial strategy behind the bond issuance, emphasizing that the debt service will stabilize once the bond is issued. Until then, the town will primarily incur interest payments. The committee is optimistic about potential operational savings from consolidating school resources, although specific figures for utility and transportation savings are not yet available.

A key point of discussion was the MSBA's acceptance of the school’s design comments, which could enhance the project's educational reimbursement. The design aims to maximize usable space, transforming areas previously considered "dead space" into functional educational environments. This efficiency is seen as a positive aspect of the project, potentially benefiting the overall learning experience for students.

Concerns were raised about the financial impact on residents, particularly those on fixed incomes. One committee member highlighted the modest increase in Social Security benefits, suggesting that the projected tax increase could be manageable for many residents over time. However, it was noted that immediate financial impacts would begin as soon as the project moves forward, with costs already incurred from preliminary borrowing.

As the committee prepares for the upcoming vote in May, the discussions underscore the importance of transparency and community engagement in addressing the financial implications of the school project. The outcomes of this meeting will play a crucial role in shaping the future of education in Southborough and the financial landscape for its residents.