School finance reform, in the opinion of many of those concerned, implies a shift away from the local property tax as the main source of revenue for the public schools. The inequities associated with property tax administration and the uneven distribution of property tax wealth within any given state have led to increasing concern about the wisdom of relying on it as the basic source of revenue for the public schools. At the same time, it is not immediately clear what combination of tax instruments should be used to replace the revenue that would be lost if reliance on the property tax were significantly reduced. This publication is designed for legislators, particularly those elected in the Fall of 1974. (Author)