The joint resolution proposes an amendment to the Florida State Constitution that aims to protect property owners from increases in assessed property values when the just valuation of their property has decreased. Specifically, it seeks to amend Section 4 of Article VII and create a new section in Article XII, which would prohibit any increase in the assessed value of both homestead and nonhomestead properties that are subject to existing assessment limitations (3% for homestead and 10% for nonhomestead) if their just valuation has declined since the last assessment. This measure is intended to provide financial relief to property owners facing declining property values.

The proposed amendment is set to take effect on January 1, 2027, and will be submitted to voters for approval or rejection at the next general election or an earlier special election. The resolution also includes a provision that clarifies that the prohibition on increasing assessed values does not apply to assessments related to changes, additions, reductions, or improvements made to the property. This initiative reflects a legislative effort to ensure fair taxation practices in light of fluctuating property values.