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

This bill changes how New Jersey calculates school district funding by requiring the use of a five-year average of property values instead of a single year's data. It directly affects all public school districts and county vocational school districts in the state by altering the formula that determines their "local share" contribution toward state school aid. The key provision replaces the current method (which uses the prior year's equalized property valuation) with a rolling five-year average of those valuations. This change will take effect for the 2024-2025 school year, impacting how much state aid each district receives based on local property wealth.