The joint resolution proposes amendments to the Florida State Constitution, specifically targeting Sections 4, 6, and 9 of Article VII, and introducing a new section in Article XII. The primary focus is to provide tax relief to homeowners by limiting annual assessment increases on homestead properties to a maximum of 3% or the percentage change in the Consumer Price Index, whichever is lower. Additionally, the resolution seeks to enhance the homestead exemption, allowing for adjustments based on inflation starting in 2028, and establishes fair assessment provisions for new homesteads and ownership changes. It also includes measures for counties and municipalities to increase assessed valuations exempt from taxation for local needs, contingent upon a two-thirds vote from governing bodies.

Moreover, the resolution aims to exempt the first $250,000 of a homestead's value from taxation, excluding school district levies, and introduces additional exemptions for seniors, disabled veterans, and surviving spouses of first responders who died in the line of duty. Local governments would be required to allocate property tax revenues solely for essential services, such as public safety and education. If approved by referendum, the amendments would take effect on January 1, 2027, and would require new residents to maintain residency for five years before qualifying for the increased homestead exemption. Overall, the resolution seeks to alleviate the tax burden on homeowners while ensuring that local governments can adequately fund essential public services.