Requires five-year average of equalized property valuation be used in calculation of local share under State school funding formula.

Summary

The proposal changes New Jersey’s school funding formula so that a district’s local share is based on the average of its equalized property valuations over the past five school years, rather than a single year’s value. It applies to all regular school districts and county vocational districts and will affect the amount of state aid they receive starting in the 2024‑25 school year. The change is intended to smooth valuation fluctuations and make aid calculations more stable.

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