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Bill > A3967
NJ A3967
NJ A3967Includes value of certain properties exempt from taxation in valuation used to calculate State school aid.
summary
Introduced
05/17/2018
05/17/2018
In Committee
05/17/2018
05/17/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 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. This is intended to address the issue where school districts located in municipalities with exempt property may receive a greater amount of State aid at the expense of other districts, as the value of the exempt property is currently omitted from the calculation.
Committee Categories
Education
Sponsors (3)
Last Action
Introduced, Referred to Assembly Education Committee (on 05/17/2018)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/A4000/3967_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/A4000/3967_I1.PDF |
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