Summary:

 House Bill 277 amends Public School Capital Outlay to decrease the millage required for school districts with insufficient bonding capacity. 

Legislation Overview:

 House Bill 277 in Section 1 amends Public Schools in Capital Outlay Projects Subsection B(9)(a) to decrease the residential property tax rate of at least $10 on each $1,000 of taxable value to $8 on each $1,000 of taxable value when the council considers an adjustment for grant assistance form the fund for public school capital outlay project. 

Current Law:

 House Bill 277 amends Section 22-24-5 NMSA 1978 (being Laws 1975, Chapter 235, Section 5, as amended, which currently specifies a residential tax rate of at least $10 on each $1,000 of taxable value when the council considers an adjustment for grant assistance.