512.00 Taxes

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Annual Tax Levy

The Board shall each year adopt, in conjunction with the adoption of the annual budget, a tax levy against the equalized assessed valuation of the district. Such levy shall be for the operating fund of the college, to pay principal and interest on any outstanding Board obligation of the college and such other levies and such other purposes as may be required and allowed by law. Subsequent to its adoption, the tax levy shall be communicated to a county clerk in each county of the college's district as well as the Illinois Community College Board (ICCB).

Tax Abatement for Economic Development

The College Board of Trustees believes that industrial development within District #520 will contribute to the economic benefit of the district, and that it is appropriate that local governments provide incentives to secure new and expanded business development. It shall be the policy of the Board to grant tax abatements if one of the following criteria exists:

  1. The company, firm, or agency has committed to a substantial capital investment for the project, thereby increasing the revenues for the taxing body at the end of the abatement period.
  2. There is, in the judgment of the Board, a clear probability that without the proposed expansion the company will move out of the district, resulting in both a loss of jobs and a devaluation of the property.

Such abatements shall comply with the following guidelines:

  1. The tax to be abated shall be that tax which is attributable to construction, improvements, renovation, or rehabilitation of existing properties within District #520.
  2. The property tax abatement shall be for a period of five years.
  3. The property tax abatement shall be applicable for commercial or industrial property upon which construction, improvements, renovation or rehabilitation has been completed.
  4. The property tax abatement shall be graduated as follows:
    1. 100 percent abatement the first year
    2. 80 percent abatement the second year
    3. 60 percent abatement the third year
    4. 40 percent abatement the fourth year
    5. 20 percent abatement the fifth year

  5. Under special circumstances the Board of Trustees may grant a maximum of 100 percent abatement for the full five years.

    No abatement will be granted to any industrial or commercial firm relocating within the boundaries of District #520.

    Each request for tax abatement shall be made only on a resolution of the Board of Trustees following the guidelines of this policy.

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