School leaders want to add 32 schools by 2018-2020, among other things, which would cost an estimated $2.2 billion.
However, leaders agreed to aim for $789 million amount during their meeting Thursday. In all, the project amounts to $900 million but the district has $122 million on hand already.
If approved, that amount could lead to a tax rate hike of roughly $100 for the average Wake County homeowner.
Last month, both boards said approval of the estimated $2.2 billion for the "wish list" could lead to a 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.
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.