Bill
Bill > A3392
NJ A3392
NJ A3392Includes value of certain properties exempt from taxation in valuation used to calculate State school aid.
summary
Introduced
03/07/2022
03/07/2022
In Committee
03/07/2022
03/07/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 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 property is omitted, which can lead to a school district located in a municipality with exempt property receiving a greater amount of State aid at the expense of other districts. The bill aims to ensure a more equitable distribution of State school aid by including the value of all property, regardless of tax exemptions, when assessing a community's capacity to raise revenue locally.
Committee Categories
Education
Sponsors (4)
Last Action
Introduced, Referred to Assembly Education Committee (on 03/07/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A3392 |
| BillText | https://pub.njleg.gov/Bills/2022/A3500/3392_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/A3500/3392_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A3500/3392_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A3500/3392_I1.PDF |
Loading...