The joint resolution proposes amendments to the Florida State Constitution, specifically targeting property tax benefits for long-term leased residential properties and first-time homestead property owners. It empowers the Legislature to offer two $25,000 exemptions and an assessment limitation for residential real estate under leases of six months or more. Additionally, it introduces an extra homestead exemption for individuals who have not owned homestead property in the four years prior to acquiring their current homestead. These amendments are designed to take effect on January 1, 2027, and will be submitted to voters for approval during the next general election.

The resolution also outlines specific conditions for these exemptions, including adjustments to the assessed valuation based on the Consumer Price Index for inflation, and eligibility criteria for various exemptions, such as those for veterans and first responders. By providing tax relief and support for residents, particularly first-time homeowners and those with long-term leases, the resolution aims to promote housing stability and affordability in Florida while ensuring fair property assessments.