The joint resolution proposes an amendment to the Florida State Constitution that aims to revise the assessment process for homestead properties. Specifically, it seeks to amend Section 6 of Article VII and introduce a new section in Article XII, which would change how homestead properties are assessed for taxation. Under the proposed amendment, homestead properties would be assessed based on the most recent purchase price or, in the case of new construction, the cost of construction, rather than the previous method that allowed for a maximum annual increase of 3% in assessed value. This change would eliminate the portability transfer associated with the previous assessment limitations.

The resolution outlines that the new assessment procedures would take effect on January 1, 2027, and emphasizes that improvements and changes to homestead properties would still be subject to general law. Additionally, the resolution includes a provision for a ballot statement that summarizes the proposed constitutional amendment, highlighting the key changes in the assessment process for homestead properties. Overall, the resolution aims to provide a more straightforward and potentially beneficial assessment method for homeowners in Florida.