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 school districts calculate their local share for state school funding. It requires using a five-year average of each district's equalized property valuation (instead of just the previous year's value) in the formula that determines state aid. This directly affects all public school districts and county vocational school districts when calculating their state funding. The change takes effect for the 2024-2025 school year, making the funding calculation more stable by smoothing out annual property value fluctuations.