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Tax Sharing (Policy)
Office of Origin: Finance
Responsibility: Chief Financial Officer
Original Date Adopted: 01-21-14
Dates Reviewed: 01-21-14, 11-20-17
Last Date Modified: 09-30-2020
Whenever authorized by statute, Lake Michigan College (the College) will not permit the capture, exemption, and/or abatement of property tax revenues otherwise due to the College by any Tax Exemption Arrangement 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.
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.