* Sen. Andy Manar (D-Bunker Hill) has proposed a bill to help Springfield schools recover some of the lost property taxes from all the state buildings. The SJ-R likes it…
Manar’s bill would award a “tax-equivalent grant” to Springfield schools because the Capitol is here. The grant would equal 0.5 percent of the equalized assessed value of all the land owned by the state in the district.
Manar’s legislation would calculate the value of those buildings not by a traditional appraisal, but by multiplying the average value per taxable acre of the district by the total number of acres owned by the state.
“The bill would simply account for some of the revenue loss on a local level for the Springfield public school system in the general state aid formula,” Manar told reporters on Monday.
It’s not unprecedented, either. In Will County, the Stateville Correctional Center occupies a large amount of property, and the State Board of Education awards a similar grant to the school district there, Manar said. […]
If Manar’s legislation passes, it won’t be a windfall for Springfield schools, he said. Although Manar did not have a firm estimate, the grant would be under $1 million.
The bill is here.
* The Question: Should this bill be approved? Explain your answer in comments, please.