Bill
Bill > S2071
NJ S2071
NJ S2071Requires five-year average of equalized property valuation be used in calculation of local share under State school funding formula.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill makes changes to the calculation of a school district's local share in determining the district's State school aid. Under current law, a district's local share is calculated by multiplying the district's prebudget year equalized valuation by the Statewide property value rate, divided by two, and adding this to the product of the district's income and the Statewide income rate, divided by two. This bill amends the calculation to use the district's average equalized valuation over the preceding five school years instead of the district's prebudget year equalized valuation.
AI Summary
This bill amends the formula used to calculate a school district's "local share," which is a key component in determining how much State school aid it receives. Currently, the calculation uses a district's equalized valuation from the single year before the budget year, which represents the total assessed value of taxable property in the district. This bill changes that to use the average of the district's equalized valuation amounts over the preceding five school years, aiming to create a more stable and representative measure of a district's property wealth for State school funding purposes. The bill also makes conforming changes to how the Statewide property value rate is determined, ensuring it reflects this new five-year average in its calculations.
Committee Categories
Education
Sponsors (4)
Last Action
Introduced in the Senate, Referred to Senate Education Committee (on 01/09/2024)
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/2024/S2071 |
| BillText | https://pub.njleg.gov/Bills/2026/S2500/2071_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2071_I1.HTM |
Loading...