The joint resolution seeks to amend the Florida State Constitution to provide tax relief for long-term homeowners by establishing specific criteria for homestead property assessment and taxation. It proposes that the assessed value of homestead properties cannot increase after 20 years of ownership and residency. Furthermore, it introduces a new homestead tax exemption for individuals who have owned and resided on their property for 30 years or more, allowing them to receive a 50% exemption on the assessed value of their property, excluding school district levies. These amendments will be submitted to voters for approval in the next general or special election.

The resolution aims to promote housing stability and affordability by protecting long-term homeowners from rising property taxes and encouraging them to invest in their communities. It defines eligibility criteria for the homestead exemption, requiring homeowners to have paid all ad valorem taxes due on their property. If approved, the changes will take effect on January 1, 2027, and the property appraiser will be tasked with maintaining records to verify eligibility for these exemptions based on ownership and residency periods.