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 their real property tax increases and ensure that property tax assessments accurately reflect current real estate values, with specific limitations on annual assessed value increases for both homesteads and non-homestead properties. It also addresses the treatment of newly discovered properties and significant improvements, while establishing guidelines for the General Assembly to adjust assessed values and reassess real property. If approved by voters, these changes will be incorporated into the Arkansas Constitution.

Additionally, the resolution proposes amendments concerning the taxation of public utilities and regulated carriers during the first ten years following a statewide reappraisal of real and personal property. 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, with a gradual adjustment mechanism for taxes owed in subsequent years. The resolution also empowers the General Assembly to create laws to ensure that adjusted tax rates for bonded indebtedness meet financial obligations, and it allows for adjustments to maintain equity if any part of the tax requirement is found unconstitutional. These amendments are set to take effect for assessment years starting 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."