Bill > SB454

This bill, the Local Operational School Levy Act, allows local school boards to impose a property tax of up to $4 per $1,000 of taxable property value for school district operational purposes. The tax must be approved by voters in the school district, and the total tax rate cannot exceed $2 per $1,000 of taxable value or be imposed for more than 10 years at a time. The revenue from the tax must be used only for operational expenses and is supplemental to the state's school funding. The bill also creates a Local Operational School Fund to receive the tax revenue and provides a state guarantee to supplement the tax revenue up to a certain amount. The state-support reserve fund can be used to help fund the state guarantee and distributions under this act.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=454&year=17