County Board Abates Over $25 Million in Property Taxes for Bond Payments
Article Summary: Will County property taxpayers will be spared over $25 million in taxes for the 2026 payment year after the County Board voted to abate taxes for six separate general obligation bonds. The board will instead use other county revenue sources to make the debt service payments, a common fiscal practice that avoids a direct levy on property owners.
Tax Abatement Key Points:
-
Total Abated: The board voted to abate a total of $25,417,449 in property taxes.
-
Action: The funds will be used to pay debt service on six different series of general obligation bonds issued between 2010 and 2021.
-
Funding Source: The debt payments will now be made from other available county revenue sources instead of a direct property tax levy.
JOLIET — The Will County Board took formal action Thursday to prevent a multi-million-dollar increase in the county’s property tax levy for the upcoming fiscal year. The board unanimously approved six separate ordinances to abate, or cancel, more than $25.4 million in taxes intended to pay debt service on general obligation bonds.
The routine fiscal measure ensures that payments on the county’s debt are made from existing revenue sources—such as sales tax or facility revenue—rather than a direct property tax levy. This prevents the cost of the bond payments from being passed on to property owners.
Finance Committee Chair Sherry Newquist presented the items as part of the committee’s consent agenda, which passed without opposition.
The abatements include:
-
$7.53 million for the Series 2010 Transportation Improvement Bonds.
-
$4.92 million for the Series 2015A General Obligation Refunding Bonds.
-
$4.40 million for the Series 2016 General Obligation Building Will Bonds.
-
$2.62 million for the Series 2019 General Obligation Building Will Bonds.
-
$5.95 million for the Series 2020 General Obligation Refunding Bonds.
-
$4.62 million for the Series 2021 Renewable Natural Gas Facility Bonds.
By approving the abatements, the board formally directs the County Clerk to cancel the tax levies associated with these bonds for the 2025 tax levy year, which is payable in 2026.
Mostly Sunny
Latest News Stories
Illinois Quick Hits: Home insurance regulations approved by Illinois Senate
Illinois Senate passes bill to regulate auto insurance rates
Op-Ed: The FAA’s O’Hare decision is a win for travelers – and for competition
Bill to prevent fraud on elderly, disabled opposed by financial institutions
Legislative Committee Advances Resolution Opposing Kidney Disease Treatment Delegation Act
Illinois Quick Hits: Gas tops $5 a gallon
Commission Approves Massive Lake Michigan Water Infrastructure Project for Troy Township
Committee: Capital Improvements Committee Weighs $300 Million Options for Downtown Joliet Campus
State Legislative Update: Housing Mandates, Mega Projects, and Data Centers Prompt Local Control Concerns
Meeting Summary and Briefs: Will County Board Finance Committee for May 5, 2026
Committee Advances Nearly $212,000 in Road and Facility Contracts for Jackson Township and Monee
Will County Committee Hits Brakes on License Plate Reader Agreements Awaiting Privacy Policy Review
Meeting Summary and Briefs: Will County Board Capital Improvements & IT Committee for May 5, 2026
Green Garden Solar Project Cleared to Implement Higher “Agrivoltaic” Standards