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 establish that homestead and nonhomestead properties subject to existing assessment limitations (3% for homestead and 10% for nonhomestead) cannot see an increase in their assessed value 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 presented to voters for approval or rejection at the next general election or an earlier special election. It clarifies that while the assessed value cannot increase under these circumstances, this prohibition does not apply to assessments resulting from changes, additions, reductions, or improvements made to the property. The resolution emphasizes the importance of ensuring fair taxation practices in light of fluctuating property values.