The resolution proposes an amendment to the Missouri Constitution regarding property tax assessments, specifically repealing Section 4(b) of Article X and replacing it with a new section. This amendment will be presented to qualified voters during the general election on November 8, 2026, or at a special election called by the governor. The new section outlines how property in different classes and subclasses will be assessed for tax purposes, establishing specific guidelines for residential, agricultural, and commercial properties. It sets a maximum assessment percentage of one-third of the true value for all classes and subclasses and allows for the definition of subclasses by law.

Additionally, the amendment introduces provisions for residential real property maintained as a primary residence, stating that its assessed value will be based on the most recent assessment, with annual increases capped at five percent unless certain conditions are met, such as new construction or a change in ownership. The resolution ensures that assessors retain the authority to decrease property values if necessary. Overall, the amendment aims to provide clearer guidelines for property tax assessments while offering protections for homeowners against significant tax increases.