The joint resolution proposes significant amendments to the Florida State Constitution, specifically targeting the authority of counties and school districts to levy ad valorem taxes. It seeks to eliminate this authority, requiring voter approval at the next general election or a special election. The resolution also introduces various tax exemptions and assessments related to property, including exemptions for municipal properties, homestead exemptions for specific demographics, and provisions for assessing agricultural and conservation lands. Additionally, it outlines conditions for adjusting property assessments, such as limitations on annual increases and the establishment of just value assessments, while allowing for potential tax exemptions for new businesses and historic properties, contingent upon local ordinances and voter approval.

Moreover, the resolution HJR 787 aims to enhance homestead tax exemptions for residents aged 65 and older, proposing two specific exemptions based on income criteria. It also includes tax relief provisions for veterans and first responders, offering discounts for veterans with combat-related disabilities and extending benefits to surviving spouses of veterans and first responders who have died or become permanently disabled due to their service. Overall, the resolution seeks to centralize tax authority, streamline the taxation process in Florida, and provide targeted tax relief to certain groups, thereby altering the current tax structure in the state.