The joint resolution seeks to amend the Florida State Constitution to provide tax relief for long-term homeowners by establishing specific provisions for the assessment and taxation of homestead properties. It proposes that the assessed value of homestead properties will remain unchanged after 20 years of ownership and residency. Furthermore, it introduces a new homestead tax exemption that grants a 50% exemption on the assessed value of properties, excluding school district levies, for individuals who have owned and resided in their homestead for 30 years or more. These amendments will be submitted to voters for approval during the next general election or an earlier special election.

The resolution aims to promote housing stability and affordability by protecting long-term residents from rising property taxes, thereby encouraging homeownership and community stability in Florida. It also defines "first responders" and outlines the criteria for eligibility for the new homestead exemption, which includes holding legal title to the property for at least 30 years and paying all applicable ad valorem taxes. The proposed amendments are set to take effect on January 1, 2027, and the property appraiser will maintain records to verify eligibility for the exemption based on ownership and residency periods.