The proposed resolution seeks to amend the Arkansas Constitution regarding the taxation of personal and real property. It grants the General Assembly the authority to enact laws that can reduce or eliminate taxes on personal property, establish maximum tax rates, and create exemptions for personal property taxation. Any law passed under this amendment would require a majority vote from both houses of the General Assembly and would take precedence over any conflicting constitutional provisions. Additionally, the resolution modifies existing amendments related to tax levies for public libraries, allowing for separate tax rates on real and personal property, and specifies procedures for submitting tax levy petitions to voters.

Furthermore, the amendment clarifies that the millage rates for personal property and real property do not need to be equal, allowing for differing rates in each taxing unit. It also outlines the process for reassessing property values and mandates that reassessments occur at least once every five years. The amendment is set to take effect on January 1, 2027, and will be presented to voters under the title "A Constitutional Amendment Concerning the Taxation of Personal Property and Real Property in the State of Arkansas."