New Jersey S2071 changes school funding formula to use five-year average property valuation.
New Jersey S2071 amends the State school funding formula to use a five-year average of equalized property valuation in calculating a school district's local share. This change replaces the current method, which uses the prebudget year equalized valuation. The new calculation aims to provide a more stable and accurate measure of a district's property wealth, affecting how State school aid is distributed. The change will first impact funding calculations for the 2024-2025 school year.
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