Requires five-year average of equalized property valuation be used in calculation of local share under State school funding formula.

This bill (A942) changes how New Jersey calculates the local share of funding for public schools. It requires school districts to use a five-year average of their equalized property valuation (instead of just the previous year's value) when determining their local contribution to the state school funding formula. This change, effective for the 2024-2025 school year, aims to stabilize funding by smoothing out annual fluctuations in property values across districts. It directly affects all New Jersey public school districts in their state aid calculations.