Triton College Board of Trustees approves tax abatement of $2.4 million
Triton College’s Board of Trustees has approved a tax abatement that will provide relief to households within the college’s district during these struggling economical times.
During the March 19 board meeting, the Board of Trustees approved a $2.4 million tax abatement from funds available from the college’s 2012 Tax Levy reserve. The abatement – which is rare for an educational institution, let alone a community college – will provide a refund of approximately $24 to property owners with homes valued at $300,000. It shall be reflected as a reduction on the taxpayers’ second installment of their property tax bill issued in the fall for 2013.
The Board of Trustees views this abatement as a fiscally responsible position which recognizes the support of the taxpayers to provide the highest quality education to the residents of the Triton district. Triton College President Dr. Patricia Granados said, "Triton College is dedicated to providing a quality education to the students in our district. The ability of our Board of Trustees to refund a portion of the property tax levy will not hinder the mission of Triton College."
"In these tough times, where unemployment is on the rise, we understand the financial difficulties many households may face today, and we wanted to give back," said Trustee Thomas Gary. "Our fellow taxpayers have not only shown their support of Triton College over the years, but also clearly acknowledge the value of having access to an affordable, quality higher education."
Trustee Diane Viverito shared similar sentiments. "We are honored to serve the communities of our district and we felt it only appropriate to show our gratitude and support. We are the community’s college."
For more information about Triton College and its Board of Trustees, visit www.triton.edu.