Brief details impact, mechanics of new Property Tax Relief Fund Pool
In a new brief, How the Property Tax Relief Fund Pool Drives Equity, Advance Illinois details the impact and mechanics of the new tax relief fund that received a $50 million investment in the state Fiscal Year 2019 budget last week. The Evidence-Based Funding (EBF) for Student Success Act (PA 100-0465) is a historic change to the education funding system in Illinois. While this legislation fundamentally changed how schools in Illinois are funded, it also contains a lesser-known provision called the Property Tax Relief Pool Fund which comes into effect in FY19. This new Fund enables school districts to apply for grants that compensate them for reductions in their property tax levy, the amount of dollars they receive from real estate owners. This allows the neediest districts to lower their property taxes with minimal or no loss in revenue. The FY19 budget included $350 million in education funding, including $50 million for the Fund. By law, any dollar appropriated for education above $300 million goes into the Fund, until the Fund has $50 million. Read the full brief here.