The resolution proposes an amendment to Article IX, Section 2 of the Arizona Constitution, which pertains to property tax exemptions. It outlines that all property not exempt under U.S. laws or this section is subject to taxation, while also specifying that property conveyed to evade taxation is not exempt. The amendment lists various categories of property that would be exempt from taxation, including federal, state, county, and municipal properties, public debts, household goods for noncommercial use, inventory of retailers or wholesalers, and virtual currency.

Additionally, the resolution allows the Arizona legislature to exempt certain properties by law, such as those owned by educational, charitable, or religious institutions, personal property used for trade or agricultural purposes, cemeteries, and properties owned by widows, widowers, and individuals with disabilities or veterans with service-related disabilities. The amendment stipulates that individuals can only qualify for one exemption category and mandates that the Secretary of State submit this proposition to voters at the next general election.