The proposed resolution seeks to amend the Arkansas Constitution regarding the taxation of personal and real property. It allows the General Assembly 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 provisions related to tax levies for public libraries, allowing petitions from taxpaying electors to propose tax rates for both real and personal property for library maintenance and capital improvements.

Furthermore, the amendment clarifies that the millage rates for personal property and real property do not need to be equal, allowing for differing rates. It also sets forth procedures for adjusting ad valorem taxes and reassessment of properties, ensuring 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."