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Tax Sharing

LMC Revised Date

Office of Origin:                     Finance                                   
Original Date Adopted:           01-21-14
Dates Reviewed:                     01-21-14, 11-20-17                
Last Date Modified:                11-20-17        

 

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 Chief Financial Officer is responsible for ensuring a vote of the Board of Trustees (the Board) on any Tax Exemption Arrangement within the 60-day statutory requirement.

The Chief Financial Officer is responsible for transmitting Board resolutions and other required documentation to exempt the College from participation in Tax Exemption Arrangement to the appropriate official(s) of the requesting jurisdiction.

 

Responsibility: Chief Financial Officer

 

References:  

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