* Rick Pearson takes a look at the Senate’s property tax freeze proposal…
First, it would only happen if voters ratify that proposed graduated-rate income tax amendment to the Illinois Constitution. And, it would only take effect if the state shouldered more of the overall funding for education in Illinois — including funding special education, transportation, free and reduced meal programs and other mandated categorical programs. The state also would have to meet its decadelong commitment to boost funding for the new general state aid formula by $350 million a year.
That means a state price tag of at least $650 million for the state budget that takes effect July 1, 2021. If the state doesn’t meet recommended funding levels, as lawmakers and administrations have failed to do repeatedly over the years, the freeze melts. […]
But a March study by the progressive-leaning Center for Tax and Budget Accountability showed the process of the state assuming a much larger share of funding for schools is still far away, even after enacting a new general state aid funding formula and making the first $350 million deposit last year. The center did not factor in potential new dollars from a graduated-rate tax.
The center cited the State Board of Education in saying the $7.89 billion state appropriation to public schools for the 2018-19 school year was $7.35 billion short of the legislature’s adopted Evidence-Based Funding for Student Success Act. Evidence-based funding is considered the best practice in school funding because it ties the dollar amount taxpayers invest in schools to educational practices that research shows enhance student achievement over time, the center said.
While the new statute commits the state to fully funding the formula by June 30, 2027, the center said the promised $350 million in additional school funding each year will not be enough to meet the full-funding goal.
Categoricals have not been fully funded since… I don’t know when.
- Yup - Friday, May 3, 19 @ 10:24 am:
And that’s why the local officials haven’t been screeching in outrage. They know it’s fake, just like every other property tax “freeze” the Dems have offered over the last few years.
- wordslinger - Friday, May 3, 19 @ 10:30 am:
Sounds like political cover.
- Donnie Elgin - Friday, May 3, 19 @ 10:33 am:
“While the new statute commits the state to fully funding the formula by June 30, 2027, the center said the promised $350 million in additional school funding each year will not be enough to meet the full-funding goal”
Talk about a bogus concession. Perhaps the the state will meet the educational funding formula once they finish paying off the pension Holiday debt. One this is for sure it will be long after the graduated income tax becomes the norm. Homeowners and businesses will be left waiting for Godot on property tax relief
- Ozzie’s moving - Friday, May 3, 19 @ 10:45 am:
The graduated Income tax will not fund the educational formula that triggers property tax relief . Seems like a built in reason for changing these rates in the near future to generate more revenue.
- TNR - Friday, May 3, 19 @ 10:51 am:
I didn’t even know the Property Tax Relief Grants were part of the new school funding formula until a few months ago when my school district put out a press release announcing that they received one. Why not pump more money into this so more districts can qualify? It provides more state funding to any district that lowers their property tax levy.
https://www.isbe.net/Lists/News/NewsDisplay.aspx?ID=1248
- Dance Band on the Titanic - Friday, May 3, 19 @ 10:59 am:
I’ve been told that the state is up to date on categorical payments for the first time in over a decade. Perhaps JS Mill can confirm.
- JS Mill - Friday, May 3, 19 @ 11:19 am:
=Categoricals have not been fully funded since… I don’t know when.=
They are not funding them fully or paying them on time. The good news is that they are only one payment behind right now. Transportation is the biggest for us and we are not getting our full entitlement.
- Captain Obvious - Friday, May 3, 19 @ 11:47 am:
Shouldn’t the headline be “Why The Property Tax Freeze Is Almost Certainly Illusory?” Or was the “May Be” tongue-in-cheek?
- Generic Drone - Friday, May 3, 19 @ 12:46 pm:
Just a trick to raise rates later
- Elliott Ness - Friday, May 3, 19 @ 1:09 pm:
Smoke-mirrors, dogs and ponies, rinse, repeat
- Al - Friday, May 3, 19 @ 3:45 pm:
Yes, and Speaker Daniels assured us the Casinos would solve…school funding problems.