The joint resolution proposes an amendment to the Florida State Constitution that aims to limit the assessed value of new homestead properties established after a change of ownership. Specifically, if the property had an assessed value of less than $500,000 in the preceding year, the new assessed value cannot exceed 150 percent of that previous assessed value for ad valorem taxation purposes. This amendment is intended to provide financial relief to homeowners by capping property tax increases following ownership changes, thereby promoting housing stability and affordability.

If approved, the amendment will 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 outlines the specific conditions under which the assessed value of homestead properties will be determined and emphasizes the importance of ensuring just valuations for taxation. The proposed changes will be submitted to the electors of Florida for approval or rejection at the next general election or an earlier special election authorized by law.