Includes value of certain properties exempt from taxation in valuation used to calculate State school aid.

This bill amends New Jersey's school funding formula to include the value of certain properties normally exempt from property taxes (like government-owned land) when calculating a school district's "equalized valuation." This change directly affects all public school districts receiving state aid, as it alters how the state determines each district's share of funding. The key mechanism updates the definition of "equalized valuation" to explicitly add exempt property values to the tax base used for aid calculations. As a result, districts with significant exempt properties may see adjustments in their state aid amounts based on this revised valuation method. The bill does not change the overall funding level but modifies the formula used to distribute existing state aid.