Bill
Bill > A942
NJ A942
NJ A942Requires 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
03/11/2024
03/11/2024
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 calculation of a school district's local share in determining the district's State school aid. Under current law, the local share is calculated using the district's prebudget year equalized valuation. This bill changes the calculation to use the district's average equalized valuation over the preceding five school years instead. The bill also updates the references to the applicable sections of the existing law.
Committee Categories
Budget and Finance, Education
Sponsors (3)
Last Action
Reported and Referred to Assembly Appropriations Committee (on 03/11/2024)
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/2024/A942 |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2024/A1000/942_T1.PDF |
| Analysis - Statement AED 3/11/24 | https://pub.njleg.gov/Bills/2024/A1000/942_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/A1000/942_I1.HTM |
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