The proposed resolution aims to amend the Arkansas Constitution by repealing existing provisions related to the reappraisal and reassessment of real property, specifically targeting Amendment 79. The primary goal is to give Arkansas residents more control over property tax increases and ensure that assessments reflect current real estate values, with limits set at a maximum of 5% for homesteads and 10% for non-homesteads following a reappraisal. The resolution also establishes that assessed values will be based on the most recent assessment prior to December 31, 2026, while allowing for adjustments for properties sold or improved after that date. This framework is designed to provide a more predictable approach to property tax assessments, protecting taxpayers from sudden increases.

In addition, the resolution addresses the taxation of public utilities and regulated carriers during the first ten years following a statewide reappraisal. It stipulates that these entities will pay taxes based on either the amount from the base year (with adjustments) or the current year's assessed valuation, with a gradual adjustment mechanism for the second five-year period. The General Assembly is tasked with creating laws to ensure that tax adjustments for bonded indebtedness maintain sufficient income for financial obligations. If any part of the tax requirement is found unconstitutional, the General Assembly can adjust the treatment of other utilities or carriers to ensure fairness. The proposed amendments are set to take effect for assessment years beginning January 1, 2027, and will be presented to voters under the title "An Amendment to the Arkansas Constitution to Repeal Provisions Concerning the Reappraisal and Reassessment of Real Property."