New Jersey A1489 changes the school funding formula to use a five-year average of equalized property valuation for calculating local shares.

New Jersey A1489 modifies the state school funding formula by requiring the use of a five-year average of equalized property valuation in the calculation of local shares. This change replaces the current method that uses the prebudget year equalized valuation. The local share for each school district is determined by multiplying the district's average equalized valuation over the preceding five school years 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.

New Jersey A1489 changes the school funding formula to use a five-year average of equalized property valuation for calculating local shares.

New Jersey A1489 modifies the state school funding formula by requiring the use of a five-year average of equalized property valuation in the calculation of local shares. This change replaces the current method that uses the prebudget year equalized valuation. The local share for each school district is determined by multiplying the district's average equalized valuation over the preceding five school years 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.