INDIANAPOLIS | Democrat Richard Wood launched his candidacy for state superintendent of public instruction Wednesday by touting education as a vital investment tool.

"I believe that it is morally responsible and it's economically sensible for us to build good children, rather than to repair adults," he said.

And Wood, who is retiring this after 19 years as superintendent of the Tippecanoe County School Corp., isn't happy about a new state law telling local school districts how much property tax revenue they can invest in education.

"We have elected school boards throughout most of the state," he said. "Those people are elected officials. They should be responsible for taxation and decisions that are reflective of their community."

Wood, 55, didn't go as far as to say he would lobby against writing the state's new property tax caps into the Indiana Constitution, a multistep process legislators are expected to resume next year. The caps, which eventually will limit homeowner bills to 1 percent of assessed value, are expected to sap $8 million from state schools next year and $89 million in 2010.

Wood also spoke of improving Indiana's 76.5 percent high school graduation rate, but when asked, he did not offer a specific target for improvement. The current rate has been roundly criticized by fellow Democrat Jill Long Thompson, who is running against Republican Gov. Mitch Daniels.

Wood, who holds doctorate degrees in education and law, will face Republican Tony Bennett, the Greater Clark County Schools superintendent, this fall in the first open race for state schools chief in more than a decade.

"He is a great educator with a great background," said state Rep. Sheila Klinker, D-Lafayette, "We are delighted to have Dr. Richard Wood running for state superintendent of public instruction."

Democrats will set their statewide slate -- Long Thompson, Wood, Dennie Oxley for lieutenant governor and Linda Pence for attorney general -- Saturday at the state party convention in Indianapolis.