ESTATE


Falling home values hurt school budgets
2009/03/17, 7:37 pm
Filed under: 1 | Tags: ,

Falling home values and foreclosed homes are forcing school districts all over the country to cut budgets.

More than half of all school districts rely on local property taxes for more than 25 percent of their revenue. Many are being forced to eliminate teachers because they can’t afford them. In a survey of 250 superintendents in 46 states, 72 percent said they planned to eliminate jobs in the fall and that more than one-third of the cuts would be teachers and support staff.

School districts can’t turn to states for help. A University of Washington analysis found that state budgets are hard hit and state funding for schools is likely to result in the further elimination of 9 percent of teaching jobs – a total of 574,277 over three years.

Hardest-hit states include: Florida, Arizona, California and Nevada.

Source: USA Today, Greg Toppo and Jack Gillum (03/16/2009)

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