NJ A942

Changes the calculation of a school district's local share for State school aid to use a five-year average of equalized property valuation instead of the single prebudget year valuation

Maintains the existing formula structure where local share equals 50% from property wealth and 50% from district income

Requires the Commissioner of Education to use the five-year average equalized valuation when determining the Statewide property value rate for all districts

Applies the same modified calculation methodology to county vocational school districts based on aggregate local shares of school districts within the county

Takes effect immediately and first applies to State school aid calculations for the 2024-2025 school year