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Deerfield board adopts 2025 tax levy and abates portion for qualified bonds
Summary
Trustees approved the 2025 tax-levy ordinance and an abatement for Qualified Energy Conservation Bonds and certain 2011 bonds; treasurer explained the abatement is routine where alternate revenue sources cover payments.
The Village of Deerfield Board of Trustees on Dec. 2 approved an ordinance levying taxes for the 2025 fiscal year and separately approved an ordinance abating a portion of the 2024 tax levy for Qualified Energy Conservation Bonds (QECBs) and certain 2011 general-obligation bonds.
Treasurer Eric explained the abatement practice: the QECBs provide a federal subsidy that returns about 70% of interest costs to the municipality and the village uses an alternate revenue source to make debt payments; abatement allows the village to avoid levying property taxes for that portion. Eric told trustees there had been a public hearing at the prior meeting and no substantive changes had been made since.
Both ordinances were moved, seconded and approved by roll-call vote.
