As Chicago Public Schools calls for a dramatic increase of state funding to fill its projected $1.1 billion 2017 deficit, South Suburban school districts are keeping a close eye on the state’s response as plummeting home values make it harder for them to raise the cash needed to fund basic operations.
In many ways, Chicago Public Schools’ calls for dramatically increased state funding is a precursor for an even bigger crisis for South Suburban Cook County school districts set to transpire next year, when the Cook County Assessor is scheduled to reassesses the value of those homes. Like CPS, many districts have maxed out their property tax caps, but South Suburban districts are also struggling with rapidly declining property values in their jurisdictions. In these communities, because property values are dropping, breaking the caps to raise local taxes would not be enough to provide basic educational services, making the need for state assistance more likely to make up for their growing property tax receipt shortfall…Please click here to read Claudia Morell’s story in Aldertrak.
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