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Bill > S3984
NJ S3984
NJ S3984Requires five-year average of equalized property valuation be used in calculation of local share under State school funding formula.
summary
Introduced
06/15/2023
06/15/2023
In Committee
06/15/2023
06/15/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Requires five-year average of equalized property valuation be used in calculation of local share under State school funding formula.
AI Summary
This bill requires the use of a five-year average of a school district's equalized property valuation, rather than the prebudget year valuation, in the calculation of the local share under the State school funding formula. This change is intended to provide a more stable and predictable funding source for school districts by smoothing out fluctuations in property values over time. The bill will first impact State school aid calculations for the 2024-2025 school year.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 06/15/2023)
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/2022/S3984 |
| BillText | https://pub.njleg.gov/Bills/2022/S4000/3984_I1.HTM |
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