Bill > SJR8

This Joint Resolution proposes an amendment to the New Mexico Constitution to create a dedicated statewide property tax, known as a "millage," specifically for public school funding. Currently, the state constitution limits the total property tax levy for all state purposes. This resolution would add a provision that two mills out of the existing twenty-two mill limit must be imposed statewide and exclusively used for public schools, distributed through a system called the "state equalization guarantee distribution," which aims to ensure adequate funding for all schools. This proposed change would require voter approval at an upcoming election.