Bill > A437

Introduced Session

Under the "School Funding Reform Act of 2008," P.L.2007, c.260 (C.18A:7F-43 et al.), 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 for an SDA (former Abbott) district.

AI Summary

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Edward Thomson (R)*,  Parker Space (R),  Harold Wirths (R), 

Introduced, Referred to Assembly Education Committee (on 01/11/2022)

Official Document