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 amendment seeks to give Arkansas residents more control over property tax increases and ensure that assessments reflect current real estate values unless significant changes occur. It establishes annual limits on how much assessed values can increase, with different caps for homesteads and non-homestead properties, while also addressing the treatment of newly constructed or substantially improved properties. Furthermore, it allows the General Assembly to set procedures for adjusting assessed values and reassessing properties, ensuring stability in assessed values until a property is sold or significantly altered.

In addition to the property tax provisions, the resolution proposes amendments concerning 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 the greater of either the base year amount (with adjustments) or the current year's assessed valuation at applicable millage rates. A gradual adjustment mechanism for taxes owed in the second five-year period is also outlined, along with provisions for the General Assembly to create laws ensuring tax adjustments for bonded indebtedness. 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."