Columbus City Schools officials may ask voters to increase their property taxes this fall to fund a slate of new school buildings.

• The election plans being considered come at a time when the number of Ohio school ballot issues are at a record low, a likely ripple effect of the pandemic.

Why it matters: This would be Columbus' first tax increase toward new buildings in 14 years.

• Approving it would get the district back on track with its long-term facilities planning.

Driving the news: The school board sent proposals to the Franklin County auditor last week to determine potential costs, the first step required to get an issue on the ballot.

Zoom in: The district is considering three proposals:

• A $305 million bond issue for five new buildings, completed by 2027.
• A $680 million bond for 10 buildings by 2029.
• A 4.7-mill tax levy for long-term capital needs such as building maintenance, buses and laptops. This could be voted on by itself or combined with another bond for a single vote.

By the numbers: Here's the additional annual cost for a $100,000 home, per the auditor's office:

• Smaller bond issue: $46, 35 years
• Larger one: $103, 35 years
• Levy: $164.50, continuing

Context: The owner of a $100,000 home currently pays $1,172 in yearly school taxes.

What they're saying: "There's never a 'right time' to go on the ballot … but it's essential for the future of our district," board President Jennifer Adair tells Axios.

Yes, but: Economic uncertainty has many districts seemingly holding off on big ballot proposals.

• November 2021 saw the lowest number of school levy proposals since Ohio's current method of funding schools was established in 1976, per reports from school funding expert Howard Fleeter.

Flashback: Columbus, for example, originally considered placing bond items on the November 2020 ballot.

What's next: This is just the first step. A new facilities plan calls for 19 new buildings overall and closure of existing ones amid years of declining enrollment.

• The "which buildings will close" conversation hasn't happened yet — and it's never popular. In 2018, board members dismissed a proposal to consolidate.

The bottom line: The current board must first decide what to ask voters for this year, if anything. The deadline to place issues on the Nov. 8 ballot is Aug. 10.

Mortgage rates have surpassed 5% — their highest in more than a decade, according to data shared by Freddie Mac.

Why it matters: Low mortgage rates made buying houses in a sellers' market more affordable in the pandemic.

• In March 2022, median home sale values in Columbus were up 13.7% year over year. Now, borrowing money is also more expensive.
• Already fatigued buyers could be priced out of the market.

By the numbers: A year ago, mortgage rates were at 2.97%. In late April 2022, they were at 5.11%.

• If you took out a $300,000 30-year mortgage loan in April 2021, your monthly principal and interest would be around $1,260, according to numbers shared by Freddie Mac.
• Your monthly payment on the same loan in April 2022 would be $1,631.
• That's $371 more per month; $4,452 a year; and $133,560 more over the life of your loan.

What's next: Mortgage rates are expected to rise throughout the year, averaging 4.6% for 2022 and 5% for 2023, according to Freddie Mac's trend forecast.

• If demand cools because of rising rates, housing prices could stabilize.
• But we're still in a supply crunch, so inventory would have to catch up to the remaining demand for prices to actually cool.

Another barrier making it more difficult to afford a home? Mountains of student loan debt.

The big picture: Tens of millions of Americans have college debt. (The average amount is $37,000.)

State of play: Federal loan repayments have been frozen since the beginning of the pandemic and President Biden recently extended the pause through Aug. 31.

• His administration is still considering proposals to forgive this debt, Axios' Jacob Knutson writes.
• The president has pledged to sign legislation to this end, while other Democrats have called on Biden to act on his own with an executive order.

💭 Tyler's thought bubble: I paid off the last of my $30,000 in student loan debt last Friday and feel like a massive weight is lifted from my shoulders.

• The early payments after graduation took up so much of my income it created a zero-sum financial game that forced me to put off certain life milestones like homeownership and having kids.
• But I won't be bitter if the government eventually forgives student loan debt — maybe it means others can better afford their life milestones and dreams as I now can.
• My celebratory steak at Hyde Park in Upper Arlington tasted so good.

📬 How has student loan debt impacted your life? We want to hear from those still paying and advice from those who have paid theirs off.

Two OSU students died from overdoses amid reports of circulating fentanyl-laced Adderall pills. (WCMH-TV)

🍴 A Jimmy Hoffa-themed bar and kitchen — yes, you read that right — opens next month in Dublin. (614 Magazine)

⚙️ President Biden highlighted 3D technology during a visit to a Cincinnati-area factory. (AP)

💥 Last week's Tesla crash into the Greater Columbus Convention Center caused an estimated $350,000 in damages. (Columbus Dispatch)

🥃 Mad Moon Craft Cidery unveiled a CBD-infused non-alcoholic drink with help from High Street CBD. (Columbus Business First)

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