The joint resolution proposes an amendment to the Florida State Constitution that aims to reduce the maximum annual increase in assessed value for homestead properties from 3 percent to 1.5 percent. This change is intended to provide financial relief to homeowners by limiting how much their property taxes can rise each year. The resolution outlines the specific adjustments to Section 4 of Article VII regarding taxation and assessments, ensuring that the new limit is applied consistently across homestead properties.

If approved by voters, the amendment will take effect on January 1, 2027. The resolution also includes provisions for how assessments will be calculated after changes in ownership or improvements to the property, ensuring that the assessed value does not exceed the just value of the property. The proposed amendment will be presented to the electorate for approval or rejection during the next general election or a specially authorized election.