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NJ S56
Bill
Status
1/13/2026
Primary Sponsor
James Holzapfel
Click for details
AI Summary
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Amends New Jersey's State school aid formula to include the value of properties exempt under the Long Term Tax Exemption Law (P.L.1991, c.431) when calculating a district's equalized valuation for State aid purposes.
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Currently, properties with long-term tax exemptions are excluded from the wealth calculation, potentially allowing districts with such exempt properties to receive more State aid than their actual local capacity warrants.
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Sponsored by Senator James W. Holzapfel (District 10, Monmouth and Ocean Counties) and pre-filed for introduction in the 2026 session of the 222nd Legislature.
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Takes effect immediately upon enactment and applies to the first full school year following passage.
Legislative Description
Includes value of certain properties exempt from taxation in valuation used to calculate State school aid.
Education
Last Action
Introduced in the Senate, Referred to Senate Education Committee
1/13/2026