The joint resolution proposes an amendment to the Florida State Constitution that would create 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 specific provisions for this exemption, including the adjustment of the income limit and the effective date of the amendment, which is set for January 1, 2027.

Additionally, the resolution includes a detailed framework for the implementation of the exemption, specifying that it will apply to all ad valorem taxes except for those levied by school districts. It also establishes guidelines for the adjustment of the exemption amounts and income limits based on inflation. The proposed amendment will be submitted to the electors of Florida for approval or rejection during the next general election or a special election authorized by law.