The proposed concurrent resolution seeks to amend Article IX, Section 18 of the Arizona Constitution, which pertains to property tax limits. If approved by voters and proclaimed by the Governor, the amendment would establish that the maximum amount of ad valorem taxes collected from residential properties in any tax year cannot exceed one percent of the property's full cash value. The resolution outlines specific exemptions to this limitation, including taxes levied for bonded indebtedness, special assessments for property improvement districts, and taxes approved through an election to exceed budget limitations.

Additionally, the resolution introduces provisions for property valuation protection for residents aged 65 and older, allowing them to apply for a fixed property valuation on their primary residence, provided they meet certain income criteria. The county assessor would be responsible for reviewing applications and maintaining eligibility, with the property valuation protection option terminating if the property is transferred to someone who does not qualify. The resolution mandates that the legislature create a consistent property taxation system in line with these provisions and requires the Secretary of State to present the proposition to voters at the next general election.