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 by ensuring that assessments reflect current values unless significant changes occur. It establishes annual limits on assessed value increases, with different caps for homesteads and non-homestead properties, and addresses the treatment of newly constructed or substantially improved properties. Additionally, the resolution empowers the General Assembly to create procedures for adjusting assessed values and standardizing millage rates for personal and utility properties to align with real property, thereby streamlining the property tax assessment process.

Moreover, the resolution introduces amendments concerning the taxation of public utilities and regulated carriers during the first five years following a statewide reappraisal of taxable properties. It stipulates that these entities will pay the greater of taxes based on their property in the base year or the current year's assessed valuation. If current year taxes are lower than those in the base year, adjustments will be made over five years to gradually decrease the difference considered in tax calculations. The resolution also allows the General Assembly to create laws ensuring that adjusted tax rates for bonded indebtedness meet financial obligations and provides for adjustments to maintain equity if any part of the tax requirement is found unconstitutional. These amendments will 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."