The joint resolution seeks to amend the Florida State Constitution by modifying Sections 3 and 4 of Article VII and adding a new section to Article XII. Its primary objective is to empower the Legislature to grant two $25,000 property tax exemptions and impose an assessment limitation for certain residential properties under long-term leases. To qualify for these exemptions, the property must be used as a permanent residence by a lessee with a written lease of six months or longer. The resolution also outlines various tax exemptions and assessment regulations for properties used for conservation, historic preservation, and agricultural purposes, aiming to provide enhanced tax relief for property owners while maintaining a fair assessment process.

Furthermore, the proposed amendments will be presented to Florida voters for approval during the next general election or a specially authorized election. If approved, the implementation of these changes is scheduled to begin with the 2027 tax roll. The resolution includes a requirement for a statement regarding the amendment to be included on the ballot, ensuring that voters are informed about the potential impact of these tax benefits on residential properties leased for extended periods.