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Tax Sharing

Office of Origin: Admissions
Date Adopted: 01-21-14
Date Reviewed: 01-21-14
Last Date Modified & Approved: 01-21-14

Purpose:

This policy is intended to establish guidelines for the participation of Lake Michigan College (the College) in existing and future property tax capture, exemption, and/or abatement agreements, districts, and/or programs with other local units of government (individually and collectively, tax exemption arrangements).

This policy applies to all requests for tax exemption arrangements whereby state statute permits the College to exempt itself from the tax exemption arrangement.

Policy Statement:

Whenever authorized by statute, the College will not permit the capture, exemption, and/or abatement of property tax revenues otherwise due to the College in any tax exemption arrangement.

Procedure:

The College’s attorney will be responsible for determining whether the College has the authority to exempt itself from a tax exemption arrangement.

Upon legal determination by the College attorney, the Vice President of Finance is responsible for ensuring a vote of the Board of Trustees on any tax exemption arrangement within the 60-day statutory requirement.

The Vice President of Finance is responsible for transmitting Board resolutions and other required documentation to exempt the College from participation in a tax exemption arrangement to the appropriate official(s) of the requesting jurisdiction.

Responsibility: Vice President of Finance 

References: