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 year's value for ad valorem taxation purposes. This amendment seeks to provide a more predictable and manageable tax burden for homeowners who acquire properties under these conditions.

If approved by voters, 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 assessment procedures and limitations that will apply to new homestead properties, ensuring that the changes in assessed value remain within the defined parameters. The proposed amendment will be presented to the electorate for approval or rejection at the next general election or an earlier special election authorized by law.