The joint resolution proposes an amendment to the Florida State Constitution that aims to limit the assessed value of real property owned and used for commercial purposes by small businesses for ad valorem taxation. Specifically, the assessed value would be capped at either 3 percent of the previous year's assessment or the percentage change in the Consumer Price Index, whichever is lower. This amendment seeks to provide financial relief to small businesses by ensuring that their property taxes do not increase excessively, thereby promoting economic stability and growth within the small business sector.

If approved, the amendment would modify Section 4 of Article VII and create a new section in Article XII of the State Constitution, with an effective date set for January 1, 2027. The resolution also includes a provision for the amendment to be presented to the electors of Florida for approval or rejection during the next general election or an earlier special election authorized by law. The proposed changes are designed to support small businesses by making property tax assessments more predictable and manageable.