The purpose of this paper is to outline some policy options that might be considered by decision-makers in Illinois as they struggle with school finance in adequately funding the public schools, but also bringing about property tax relief. First the report looks at ways of attaining property tax relief through the distributive side by discussing state dollars to aid local school districts offset inflation, for equity purposes, and for property tax replacement. Then the report describes ways of attaining property tax relief through the options on the revenue side. Options discussed include freezing property tax levies, property tax reductions, property tax assessment, and property taxes not allowed to exceed a standard percentage of an individual's income. A general strategy is outlined for attaining property tax relief without at the same time reducing the level of educational services in the school districts. (Author/MLF)