The joint resolution proposes an amendment to the Florida State Constitution that would establish a total exemption from ad valorem taxation, excluding school district levies, for homestead properties owned by individuals aged 65 and older. To qualify for this exemption, applicants must have owned and maintained the property as their permanent residence for at least five years and have a household income that does not exceed $350,000, a figure that will be adjusted annually based on the cost-of-living index. The resolution outlines the necessary amendments to Section 6 of Article VII and the creation of a new section in Article XII, which will be submitted to voters for approval in the next general election or a special election.

If approved, the amendment will take effect on January 1, 2027. The resolution also includes provisions for the adjustment of the income limit and the assessed valuation exempt from taxation, ensuring that these figures remain relevant over time. Additionally, it allows for the possibility of further tax relief for certain veterans and first responders, emphasizing the state's commitment to supporting its senior citizens and those who have served in public service roles.