The joint resolution proposes an amendment to the Florida State Constitution that aims to reduce the maximum annual increase in assessed value for nonhomestead properties from 10% to 3%. This change is intended to provide more equitable taxation for property owners who do not qualify for homestead exemptions. The resolution outlines specific provisions for the assessment of various types of properties, including agricultural land, conservation land, and residential properties, ensuring that assessments remain fair and just.

If approved by voters, the amendment will take effect on January 1, 2027, and will be presented on the ballot as a constitutional amendment. The resolution emphasizes the importance of maintaining just valuations for all properties while providing a clear framework for how assessments should be conducted moving forward. This change is expected to alleviate some of the financial burdens on property owners by limiting the rate at which their property taxes can increase annually.