The proposed joint resolution seeks to amend Article 8, Section 5 of the New Mexico Constitution to establish a property tax exemption for certified and commissioned police officers, deputy sheriffs, and active firefighters who are members of the Public Employees Retirement Association. To qualify for this exemption, individuals must have earned a pension amounting to at least ninety-five percent of their final average salary. The resolution specifies that the exemption would amount to five thousand dollars ($5,000) for eligible individuals.

Additionally, the resolution outlines that the burden of proving eligibility for this exemption lies with the claimant. It also maintains existing provisions for property tax exemptions for heads of families and honorably discharged members of the armed forces. The proposed amendment will be presented to the public for approval or rejection during the next general election or any special election called for that purpose.