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 create 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 at their most recent purchase price or, in the case of new construction, at the cost of construction. This amendment would replace the current limitation of a 3% annual increase in assessments and eliminate the associated portability transfer of assessment benefits.

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, ensuring that voters are informed about the changes they will be voting on in the next general election or a special election authorized by law.