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 based on the most recent purchase price or the cost of construction for new properties, 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 method 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 amendment includes provisions for assessing other types of properties and allows for certain exemptions and classifications based on property use. The proposed changes will be submitted to the electors of Florida for approval or rejection at the next general election or an earlier special election authorized by law.