A former Needham School Committee member is questioning whether the town’s Pollard Middle School tax calculator gives homeowners an inflated picture of the project’s cost.

Aaron Pressman raised the issue at Special Town Meeting ahead of the Nov. 3 debt-exclusion vote. He argued that the calculator’s interest-rate assumptions exceed rates on Needham’s existing debt and those used by other communities planning school projects, the Needham Observer reported.

The town’s calculator assumes a 6% interest rate for the first bond issue in 2027, 7% for subsequent bonds and 4% for short-term borrowing. Actual borrowing rates have yet to be determined.

Pressman cited rates of 3.5% and 3.2% on Needham’s existing long-term bonds. He also said five other Massachusetts communities used assumptions of 4% or 4.5% in school-project calculators, though he did not identify them.

Those comparisons underpin his criticism, but they do not establish what Needham will pay when it issues the Pollard debt.

For the average single-family home, assessed at $1,541,061, the town projects an additional annual tax bill ranging from $46 to $2,065 over the 35-year repayment period. The estimated average is $1,167 a year, with the highest bill in fiscal 2034, according to the project FAQ.

Lower borrowing rates would reduce interest costs if other assumptions remain unchanged. The draft estimates do not include an alternative calculation using Pressman’s suggested rates.

The calculator labels its results as estimates and expresses future tax impacts in current-year dollars. It also excludes possible future appropriations that could offset debt payments.

The borrowing schedule raises another concern. The Observer reported that projected debt service would exceed the Select Board’s guideline of keeping debt payments within 10% of the annual budget for several years. The Finance Committee and Select Board have committed to developing a strategy to limit that period; asset sales are among the possibilities reported.

The Charles River Regional Chamber supports the project, calling it the most cost-effective option and emphasizing the economic benefits of strong public schools. Its endorsement also warns that higher taxes would place additional pressure on businesses and could discourage future employers.

Needham’s fiscal 2026 commercial tax rate is $21.09 per $1,000 of assessed value, compared with $10.83 for residential property, according to the town’s calculator.

Voters will decide the Pollard debt-exclusion question on Tuesday, Nov. 3. The proposed borrowing would run through fiscal 2062.