The resolution proposes an amendment to the Missouri Constitution that would repeal the existing Section 6 of Article X and replace it with a new section concerning property tax exemptions. This amendment aims to exempt various types of property from taxation, including all property owned by the state, counties, political subdivisions, and nonprofit cemeteries, as well as real property used as a homestead by certain disabled veterans. Additionally, it seeks to exempt personal property held as industrial inventories by manufacturers and refiners, as well as goods held for resale by distributors and retailers. The amendment also allows for exemptions for property used for religious, educational, charitable, and agricultural purposes, while providing for potential restitution to local governments for lost revenue due to these exemptions.

Furthermore, the resolution outlines a mechanism for replacing lost revenues from the exemptions through a countywide tax imposed on specific property classes. This tax would be calculated based on the revenue lost in the previous tax year and would be distributed to the relevant taxing authorities. The amendment also includes provisions for adjusting the tax rate based on changes in assessed property values and allows for voter approval for any decreases in the tax rate. The definition of "disabled veteran" is also clarified within the resolution, specifying the criteria for eligibility for the property tax exemptions. The proposed amendment will be submitted to voters during the general election in November 2026 or at a special election called by the governor.