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% to 1.5%. This change would be reflected in Section 4 of Article VII and would also establish a new section in Article XII, specifying that the new assessment limit would take effect on January 1, 2027. The resolution outlines the procedures for property assessment, ensuring that changes in assessed value do not exceed the specified limits and that properties are assessed at just value.

If approved by voters in the next general election or a special election, this amendment would provide financial relief to homeowners by limiting the growth of property taxes associated with homestead properties. The resolution includes provisions for various types of properties and circumstances, ensuring that the assessment process remains fair and equitable while also allowing for adjustments based on ownership changes and improvements made to the properties.