The difference is you are guaranteed to be offered a spot in a public school, and typically that spot will be at the one most geographically adjacent to you.
You will not be guaranteed a spot in a charter school as admission requirements go beyond geography.
As someone mentioned earlier, this creates two tiers in a sense, and a failure mode of this system is all of the stronger students getting siphoned off into charter schools, and public schools are left to deal with the more difficult students without the funding model reflecting the reality that those students take far more resources.
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