Manhattan District 114 Board Abates $252,430 from 2025 Bond and Interest Levy

Manhattan School District 114 Meeting | March 25, 2026

Article Summary: Utilizing finalized property value estimates from the county, the Manhattan School District 114 Board of Education approved a levy abatement that will slightly lower the tax rate for local property owners.

Levy Abatement Key Points:

• The board unanimously approved the abatement of $252,430 from the 2025 bond and interest levy extension for fiscal year 2027.

• The abatement successfully drops the district’s overall tax rate from a projected 4.3041 down to 4.2552.

• Will County’s final spring Equalized Assessed Value (EAV) calculation for the district came in at approximately $516 million.

• The district utilizes a “ballooning” strategy during its initial levy request to ensure it captures all new property growth before finalizing the exact tax rate.

The Manhattan School District 114 Board of Education on Wednesday, March 25, 2026, unanimously approved a financial adjustment that will trim the district’s tax rate following the receipt of finalized property values from Will County.

During the special meeting, the board voted to approve the abatement of $252,430 from the 2025 bond and interest levy extension for fiscal year 2027. The targeted reduction allows the district to cleanly lower its tax rate from a projected 4.3041 down to a final rate of 4.2552.

District officials explained that the abatement is a routine part of the annual financial cycle. When the district originally filed its tax levy in the fall, it utilized an Equalized Assessed Value (EAV) estimate provided by the county of $522,889,716. However, the finalized spring adjustment from the county brought the actual EAV down by roughly $6.5 million to approximately $516 million.

To protect the district’s revenue streams, administrators intentionally “balloon” the initial levy—asking for slightly more than they anticipate receiving. This strategic maneuver ensures that if new property values or overall EAV come in higher than expected, the district captures all available tax revenue and does not leave money on the table.

Once the final, concrete EAV numbers are delivered by the county in the spring, the district calculates the exact amount needed to meet its debt obligations and abates, or returns, the excess portion.

Officials noted that the initial estimates for new property growth were highly accurate this year, resulting in only a minor adjustment of 0.0489 to correct the rate across the various funds.

The motion to approve the $252,430 abatement from the bond and interest levy was passed via a unanimous roll call vote by all members present.