Bill > SJR6

This Joint Resolution proposes an amendment to the New Mexico Constitution to create a dedicated statewide property tax for public school funding. Specifically, it aims to add two mills, which represent two dollars in tax for every thousand dollars of assessed property value, to the existing property tax limit. This additional two-mill tax would be collected statewide and exclusively distributed to public schools through the state equalization guarantee distribution, meaning the funds could not be used for any other purpose. The resolution also outlines that this proposed constitutional amendment must be approved by voters at an upcoming election.