Niles residents won’t have to pay as much as originally expected after passing a pair of school bond proposals totaling $40 million in May.

The Niles school board announced Monday it had sold the bonds at a lower interest rate than originally projected.

The interest rate came in at 3.88 percent. It was originally estimated at 4.75 percent.

Tom Skarbek, the district’s financial director, said that means property owners will be levied 3.4 mills rather than the estimated 3.89 mills for the first year of the bond.

School officials say that means a taxpayer with a home market value of $100,000 would pay about $25 less a year than originally expected.

Read more about the bond sale in Wednesday’s Niles Daily Star.