Trustees Approve 2025 Tax Levy and Bond Abatement

Lake Land College Board of Trustees Meeting | Dec. 8, 2025

Article Summary: The Board of Trustees adopted the 2025 property tax levy and voted to abate taxes related to bond debt, ensuring those specific bonds are paid through student fees rather than property taxes. The overall tax rate is estimated to see a slight increase.

Tax Levy Key Points:

• Total Levy: The board approved a levy of $17,305,000 for the 2025 tax year.

• Estimated Rate: The projected tax rate is $.5100 per $100 of equalized assessed value (EAV), a 0.69% increase over the previous year.

• Bond Abatement: The board abated the tax levy for the Series 2016B General Obligation Refunding Bonds, which will instead be paid by a $1.50 per credit hour service fee.

The Lake Land College Board of Trustees on Monday, Dec. 8, 2025, approved the Certificate of Tax Levy for the 2025 tax year, setting the financial groundwork for the fiscal year 2027 budget.

The approved levy totals $17,305,000. According to college President Dr. Jonathan Bullock, the actual tax rate will not be finalized until late spring when EAV figures are determined by the 15 counties within the college’s district. However, administration estimates the rate will rise to approximately $.5100 per $100 EAV.

“For the individual taxpayer, Lake Land’s tax is approximately 5% of the total bill and reflects Lake Land’s low overall tax rate,” Bullock said.

In a related financial action, the board passed a resolution to abate the tax levied for the repayment of Series 2016B General Obligation Refunding Bonds. These bonds, originally issued in 2006 for the construction of the Fitness Center and refinanced in 2016, are repaid using revenue from a $1.50 per credit hour service fee rather than through direct property taxation.

Comptroller Madge Shoot confirmed that the Alternate Bond levy needs to be abated in its entirety prior to the County Clerks’ deadline in March to ensure taxpayers are not charged for this specific debt.