The select board and school committee voted unanimously this week to seek voter approval of a Proposition 2 1/2 override for up to $55 million to renovate the historic town school.

A nearly 10-year effort to significantly overhaul the Island’s oldest town school is headed back to voters in Tisbury, where in June they will be asked to approve a $55 million bond measure.

Tisbury voters are likely to be asked in June to approve $55 million in long-term bond debt to renovate, expand and modernize the town’s 90-year-old school building.

As town leaders whittle away at their school building project, trimming costs and discussing how best to house students during construction, a new proposal emerged.

The latest estimated construction cost for the Tisbury School project is now $53.2 million — nearly $5 million lower than the previous estimate.