Statewide Perspective

Of the 537 local public-school districts in the state of Michigan, 385 had outstanding qualified bond debt and 111 were participating in the School Bond Loan Fund, School Loan Revolving Fund or both as of December 31, 2025 (see Exhibit 1). The 111 school districts that have a current loan balance are geographically spread throughout the state.

These districts are not concentrated in any area, nor do they fall within a particular economic range. School districts in the loan program are made up of a wide range of characteristics. Since 1994, school district debt millages have been levied on taxable value of property within the respective districts. The taxable value of property statewide has grown at an average annual rate of 3.51 percent since 1994. The statewide average taxable value per pupil was $413,421 in 2025.

Debt millages for qualified and non-qualified bond issues for school districts throughout the state range from zero to 15.2 mills, with a maximum levy of 13 mills for qualified bonds. School districts that plan to borrow from the state to repay their qualified bond debt are required to levy between seven and 13 mills until the debt is repaid. In 2025, 84 school districts (16%) did not levy debt mills for qualified or non-qualified debt. The average debt millage levied statewide was 4.25 mills in 2025.