46th legislature - STATE OF NEW MEXICO - first session, 2003

FOR THE LEGISLATIVE EDUCATION STUDY COMMITTEE

PROPOSING AN AMENDMENT TO ARTICLE 8, SECTION 2 OF THE CONSTITUTION OF NEW MEXICO TO AUTHORIZE AN ADDITIONAL STATEWIDE MILLAGE RATE THAT WILL BE DEDICATED TO PUBLIC SCHOOL FUNDING.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. It is proposed to amend Article 8, Section 2 of the constitution of New Mexico to read:

"Taxes levied upon real or personal property for state revenue shall not exceed four mills annually on each dollar of the assessed valuation thereof except for the support of the educational, penal and charitable institutions of the state and payment of the state debt and interest [thereon] on the debt; and the total annual tax levy upon such property for all state purposes exclusive of necessary levies for the state debt shall not exceed ten mills [provided, however, that]. Taxes levied upon real or personal tangible property for all purposes, except special levies on specific classes of property and except necessary levies for public debt, shall not exceed [twenty] twenty-two mills annually on each dollar of the assessed valuation thereof, but laws may be passed authorizing additional taxes to be levied outside of such limitation when approved by at least a majority of the qualified electors of the taxing district [who paid a property tax therein during the preceding year] voting on such proposition. Two mills of the twenty-two mill limit shall be imposed statewide and distributed to public schools through the state's public school fund."

Section 2. The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at the next general election or at any special election prior to that date that may be called for that purpose.