HJR 183 proposes a constitutional amendment establishing the Property Tax Reduction Fund to reduce school district maintenance and operations (M&O) ad valorem taxes. The amendment reallocates certain unencumbered general revenue funds and revenue that would otherwise be transferred to the Economic Stabilization Fund (Rainy Day Fund) to this new Property Tax Reduction Fund. Under the amendment, the Texas Comptroller would be required to allocate one-quarter of the transferred funds to the Economic Stabilization Fund, one-quarter to the Property Tax Reduction Fund, and the remainder to the State Highway Fund. If necessary, the legislature could modify the allocation formula through general law. Additionally, when the Economic Stabilization Fund reaches its statutory limit, any excess general revenue that would have been transferred there would instead be redirected to the Property Tax Reduction Fund. Money in the Property Tax Reduction Fund can only be used to reduce school district M&O taxes or maintain the reduction once the tax rate reaches zero. The amendment sets an effective date of September 1, 2027, if approved by voters in the November 4, 2025 election.