In the early 1990s, voters in Oregon were feeling some tax anxiety.
Property values were rising, and many worried that also meant a rise in property taxes. And so, with something called Measure 5, they capped them.
Since schools depend heavily on property taxes, Oregon did something unique. The state decided to use income tax revenue to help offset the effect of this new property-tax cap.
There's just one problem: In tough economic times, income is more volatile than property values. And so began a roller coaster for Oregon's schools.
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