Is there a crisis in Oregon school finance? Before policymakers can formulate answers, assessment and definition of the problem are necessary. This paper examines the current state of Oregon school finance, including reform efforts over the last 20 years from policy and grass roots level perspectives. It then assesses the current school funding system and analyzes two reform proposals. Reform efforts since 1968 have involved voter-initiated property tax limitation measures defeated at the ballot box. Oregonians have demonstrated a willingness to finance public elementary and secondary education, evidenced by above-average per pupil expenditures and teacher salaries. However, taxpayer discontent has grown with the increasing local share shouldered since 1980. Calls for a greater state share require exploring revenue enhancement schemes, such as income taxes and the enactment of a state sales tax. In the absence of a sales tax, citizens pay a larger than average income share in state and local taxes, compared to the state average, according to one measure. According to the second measure (total tax capacity and effort), the state is near the national average, showing that any increased or additional taxes would result in an above-average tax burden. Two separate school finance reform proposals developed by the Oregon Education Association and the Association of Oregon Industries differ philosophically, but agree on increasing the state share from 30 to 40 percent. Both proposals fall short of reforming Oregon school finance and fail to address certain equity issues. The best policy goal seems to be shifting tax burdens more equitably between property and income taxpayers and implementing a fairer distribution of state education grants. Included are 4 figures and 20 references. (MLH)