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NEWS AND ANNOUNCEMENTS

 

HCC Trustees Approve Tax Levies
11/22/2006

Every year the College is required to submit a tax levy request. Setting the tax levy is a somewhat complex task determined by property tax predictions, voter-approved tax rates and legislature-regulated categories of revenue and budget estimates. The levies approved at Tuesday’s Board of Trustees meeting included an education and building fund levy, insurance levy, audit levy, Social Security and Medicare levy. The taxes collected each year are a result of Highland's tax rate multiplied by the District's equalized assessed valuation (EAV).

Highland's 2006 proposed tax year levy is a total of 107.7% of the 2005 tax year extension. The calculation of this increase is a comparison of the taxes collected via the 2005 tax levy to the proposed taxes levied for the 2006 tax year. Because the levy is more than 105% higher than the previous year, Trustees published a Truth in Taxation notice and held a public hearing at the start of the Board of Trustees meeting. No comments were made during the hearing.

The Highland tax rate will remain at a lower level than before voters approved an increase in the education fund in March 2004. Highland's total proposed tax rate for tax year 2006 is estimated to be .4655. Prior to the March 2004 referendum approval, the tax rate was .4790.

At the same time, the tax levy request is higher than last year. The annual levy is actually set by the county tax assessor after property values are assessed. The history is as follows:
• The tax rate for tax year 2003 was 0.4790.
• In 2004 it was 0.453.
• In 2005 it was 0.466.
• This year the request is 0.4655.


_________________________
OFFICE OF COMMUNITY RELATIONS
2998 W. Pearl City Road
Freeport, IL 61032-9341

815-235-6121
Fax 815-235-6130



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