School leaders want to add 32 schools by 2018-2020, among other things, which would cost an estimated $2.2 billion.
Approval of the proposal could lead to the tax rate hike of 13 to 15 cents per $100 of valuation. That would add $375 a year to the tax bill on a $250,000 home.
At a meeting with the Wake County Commission Thursday, Commissioner Paul Coble said that "that's not going to happen."
Commissioners advised the school board to reassess.
A bond issue would have to be approved by voters. Commissioners have said they'd like to get it on the ballot this fall, while school board members have advocated waiting until next year.