NJ S441

Modifies the definition of "equalized valuation" used to calculate State school aid by adding the value of properties exempt from taxation under the Long Term Tax Exemption Law (P.L.1991, c.431) to the standard equalized valuation

Addresses a gap where school districts in municipalities with tax-exempt properties may receive more State aid because their local wealth appears lower than it actually is

Affects the calculation of a district's capacity to raise revenue locally, which is a key factor in determining State education funding

Takes effect immediately and applies starting with the first full school year following enactment