Real Estate News
--> Illinois News
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.
Want more? Get stories like this delivered straight to your inbox.
Thank you, we'll keep you informed!
Chicago Office | Illinois Policy
190 South LaSalle Street | 1500 | Chicago, IL 60603
t 312.346.5700 f 312.346.5755
Springfield Office | Illinois Policy
802 South 2nd Street | Springfield, IL 62704
t 217.528.8800 f 217.528.8808 e email@example.com
Trending Illinois News:
Chicago developer’s death could dim big Phoenix development
No thinking required with more than 200 new Illinois laws
Multiple homes hit by gunfire overnight
Homes, cars hit by BB gun pellets in Old Saybrook
Rescue 33 rejects consolidation offer
Illinois Ranked Poorly For Taxpayers, Middle For Retirees
Illinois dubbed as a highly stressed state, Iowa one of the most relaxed
Plan for 20,000-hog facility sparks revolt in western Illinois
Illinois lawmakers fail to pass state budget for 3rd consecutive year
Cairo, IL housing residents fight to stay as buildings slated to be demolished
Targeting Medicaid Fraud Could Hit Nursing Homes Hard
Stage is set for Cellini trial
Veterans’ Service Office now open in Charleston
Clinton and Trump courting Ohio voters on Labor Day
Self-Driving Ubers Ordered Off Streets Hours After Launch
Illinois.com Domain Name Up for Sale
Flossmoor, IL Homes For Sale & Real Estate
Homebuilders oppose Illinois bill seeking to tax repairs
New Construction Homes For Sale in Frankfort, Illinois - April 2017
Report concludes 1 Illinois home in 5 'seriously' underwater