This concurrent resolution proposes an amendment to Article IX, Section 2 of the Arizona Constitution, which pertains to property tax exemptions. The amendment aims to clarify the types of property that are exempt from taxation, including federal, state, county, and municipal properties, as well as household goods used for noncommercial purposes, and inventory held by retailers or wholesalers. Notably, the amendment introduces a new category for the exemption of virtual currency, defined as a digital representation of value that serves as a medium of exchange, unit of account, and store of value.

Additionally, the resolution allows the Arizona legislature to exempt certain properties by law, including those owned by educational, charitable, or religious institutions, personal property used in trade or agriculture, cemeteries, and properties owned by widows, widowers, and residents 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 for approval.