Although the Illinois Farmland Assessment Act is not an educational finance reform but is designed to ease the increasing tax burden on the state's farmland and provide a uniform, state-wide method of farmland tax valuation, it has a significant impact on K-12 public school financing because of the relationship between property and public school funding. There is as yet no actual analysis of the effects of this tax reform on local and state contributions to public education, but the two simulated computations of 1977-78 school revenue conducted using assessment data provided by various state offices for 99 of 102 Illinois counties and 784 school districts indicate that under the new law most school districts will generally suffer short term revenue losses until the guaranteed funding levels are reached. Recommendations include delaying the full implementation of the act for one year by the extension of the "hold harmless' clause until farmland assessments catch up to 1976 levels, monitoring the effect of the Act on education, modifying and duplicating the study, and considering legislation that would allow school districts to recover any resulting loss. (SB)