Proposing a constitutional amendment to abolish ad valorem taxes.

This bill proposes a constitutional amendment to ban ad valorem taxes (property taxes based on value) imposed by local governments (like cities, counties, and school districts) on real or personal property after January 1, 2031. It also requires the state to guarantee repayment for school district bonds issued before November 4, 2025, that were secured by these taxes. The amendment must be approved by voters in the November 4, 2025 election. If passed, it would eliminate a major local revenue source and shift responsibility for certain school debt to the state.