Bill
Bill > A1489
NJ A1489
NJ A1489Requires five-year average of equalized property valuation be used in calculation of local share under State school funding formula.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 modifies how a school district's "local share" is calculated, which is a key component in determining the amount of State school aid it receives. Currently, the local share is based on a district's property wealth from the single year before the budget year, combined with its income. This bill changes the calculation to use the average of a district's equalized property valuation over the preceding five school years instead of just the prebudget year's valuation, aiming to create a more stable and representative measure of a district's property wealth for State school funding purposes.
Committee Categories
Education
Sponsors (3)
Last Action
Introduced, Referred to Assembly Education Committee (on 01/13/2026)
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/2026/A1489 |
| BillText | https://pub.njleg.gov/Bills/2026/A1500/1489_I1.HTM |
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