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NJ S140
NJ S140Includes value of certain properties exempt from taxation in valuation used to calculate State school aid.
summary
Introduced
01/14/2020
01/14/2020
In Committee
01/14/2020
01/14/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
Under current law, a school district's State aid is determined, in part, by the district's capacity to raise revenue locally, as measured by the community's equalized property valuation and aggregate income. In the case of property that is exempt from taxation under the "Long Term Tax Exemption Law," P.L.1991, c.431 (C.40A:20-1 et seq.), the value of the property is omitted from the calculation. This may lead a school district that is located in a municipality with exempt property to receive a greater amount of State aid at the expense of other districts. This bill requires that the value of property exempt from taxation under that law be included when determining a community's wealth for the purpose of determining State school aid.
AI Summary
This bill requires that the value of property exempt from taxation under the "Long Term Tax Exemption Law" be included when determining a community's wealth for the purpose of calculating State school aid. Under current law, the value of such exempt properties is omitted from the calculation, which may lead a school district located in a municipality with exempt property to receive a greater amount of State aid at the expense of other districts. This bill aims to address this issue by ensuring that the full value of a community's property is accounted for in the State aid formula.
Committee Categories
Education
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Education Committee (on 01/14/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/S140 |
| BillText | https://www.njleg.state.nj.us/Bills/2020/S0500/140_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2020/S0500/140_I1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/S0500/140_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S0500/140_I1.PDF |
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