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 at their most recent purchase price or, in the case of new construction, at the cost of construction. This change 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 to inform voters about the proposed constitutional amendment, highlighting the key changes in the assessment process for homestead properties.