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Illinois spends more on education, but outcomes lag
A decrease in the property tax burden coupled with an increase in home values would further lower the effective property tax rate for Illinois homeowners, whose home values are still 10.2 percent below pre-recession levels. Since homes represent the vast ...
Although many other factors contribute to disparities in test scores, Virginia’s model would help to save taxpayer money and perhaps even improve student outcomes by prioritizing instruction in the public school system.
Better schools raise property values
Economists agree that better educational outcomes increase home valuesFack and Grenet (2010) find that an increase in public school performance of one standard deviation raises housing prices by up to 2.4 percentBlack (1999) finds that a 5 percent increase in test scores increases the amount parents are willing to pay for homes by 2.1 percent.
A decrease in the property tax burden coupled with an increase in home values would further lower the effective property tax rate for Illinois homeowners, whose home values are still 10.2 percent below pre-recession levelsSince homes represent the vast majority of the net worth of a family, lowering the tax burden and increasing home values will help make middle-class Illinoisans more prosperous.
Illinois needs education reformPrioritizing students and emphasizing instructional spending over administrative spending can help to provide taxpayers with property tax relief, higher home values, and most importantly, better futures for their children.
1Calculated by multiplying Virginia per-pupil non-instructional funding figures by the number of students enrolled in Illinois schools in fall 2015, adjusted for cost of living in Illinois.
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