AMHERST — At a flower and plant show at the Amherst Woman’s Club over the weekend, and a recent out-of-town event, District 3 Councilor Dorothy Pam heard from both current residents and those who have left Amherst about their concerns with high property taxes.

“I’m just feeling something really different,” Pam said at this week’s Town Council meeting, where there was continued discussion on how to pay for the $97.5 elementary school building project that will be subject to a Proposition 2½ debt-exclusion vote on May 2. “I hope we can be open-minded to ways to make this something that would be more equitable and reduce the tax increase that would come with an override.”

Her comments came as the Town Council and the Finance Committee consider a proposal from At-Large Councilor Ellisha Walker to use $10 million in municipal reserves to reduce the project’s impact on residential property taxes. As it stands now, without using reserves, property owners could see a $478.24 increase in annual property taxes for the average home valued at $446,953. That estimate is based on the town picking up more than $50 million of the total project cost, with the remainder coming from the Massachusetts School Building Authority.

The council has scheduled a special meeting March 27 at 6:30 p.m. to decide whether reserves should be put toward the project, in addition to the borrowing.

The exact cost to taxpayers will be in flux in the lead-up to the debt-exclusion override vote as the town waits to see how much the state will reimburse it for the project, likely in the 30% to 40% range.

Walker wrote in a memo that any savings are critical for taxpayers and renters.

“That is substantial to our residents, particularly those least able to afford this and other tax increases and other upcoming fee increases,” Walker wrote. “~$90-135 per year pays for a lot of necessary items for those who are not wealthy.”

Based on estimates from Finance Director Sean Mangano, using $10 million in town reserve funds would reduce the projected property tax hit on a $446,953 home by $85, while the increase on a $250,000 home would be reduced by $48, and the increase on a $650,000 home would be cut by $124.

The council is already considering using $5 million in reserves under a proposal by District 1 Councilor Cathy Schoen, money that would be reimbursed through green energy rebates.

Walker’s appeal notes that there is $9.5 million available in the capital stabilization fund, created so that the town could handle four capital projects, the others being a fire station for South Amherst at $20 million, a new headquarters for the Department of Public Works and the Jones Library expansion and renovation. Additional money is available from both free cash and a regular stabilization account.

District 5 Councilor Shalini Bahl-Milne said if the Town Council takes $10 million from reserves for the school project, creating a $7.50 per month reduction for the average homeowner, that could limit the ability to build a new fire station and new DPW.

Like Pam, Bahl-Milne said she is hearing about people who can’t afford taxes, but would like to focus on new development in town to provide housing and enhancements to the tax base.

“Let’s get really serious about the kind of development we really want to see,” Bahl-Milne said.

At Large Councilor Mandi Jo Hanneke said she is hesitant to use millions in reserves that can go toward emergency situations. The capital stabilization fund, in particular, is needed to build the fire station.

“I’d be very hesitant to zero out that account,” Hanneke said.

Hanneke said councilors have always told voters that only one debt-exclusion override vote would be needed.

District 2 Councilor Pat DeAngelis said she is having a hard time seeing how the town can finish the four projects if reserves are used for the school project. District 5 Councilor Ana Devlin Gauthier, too, said if money is pulled from that pot, it will affect the financial modeling for the four buildings.

Mangano said the underlying assumption has always been that the new school would be a debt-exclusion vote.

“If the school project doesn’t move forward, then [for] all the projects we’re back to square one as to what we do to maintain these buildings,” Mangano said.

Staff, he said, recommends staying the course with the debt exclusion for the school and the other buildings funded through capital allocations.

“Our goal has been how to complete all four projects,” Mangano said.

Walker said it is frustrating that councilors have so far no plan to help residents most vulnerable to rising taxes. She said decisions are literally pushing people out of town who can no longer afford the taxes, including those on Section 8 vouchers.

Walker’s proposal has support from some of those who have written and spoken to councilors.

“This will help decrease the financial burden of the override and make it more possible for many residents to afford to stay in town,” wrote Darcy DuMont, a former member of the Town Council. “It will make it more likely that the override will pass if the Council shows concern for residents in this way.”

Adrienne Terrizzi of Pondview Drive spoke on behalf of seniors and others on fixed incomes, worried that achieving a majority on the debt-exclusion vote may be challenging without some use of reserves.

“Please consider the importance of both Councilor Schoen and Councilor Walker’s proposals,” Terrizzi said.

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