The resolution proposes an amendment to the Constitution of Missouri that would repeal Section 6 of Article X and replace it with a new section concerning property tax exemptions. This amendment aims to exempt all property owned by the state, counties, political subdivisions, and nonprofit cemeteries from taxation. Additionally, it specifies that veterans with a total service-connected disability will have their property exempted from taxation up to a value of $200,000 for the year 2027, with adjustments for inflation in subsequent years. The resolution also outlines exemptions for personal property held as industrial inventories and for property used exclusively for religious, educational, charitable, agricultural, or veterans' purposes.

To compensate for the revenue lost due to these exemptions, the resolution mandates a countywide tax on all property in a specific subclass to replace the lost revenues for taxing authorities within each county. The tax rate will be calculated based on the total revenue lost from the exemptions and will remain fixed unless reduced by voter approval. The resolution also allows for adjustments in the distribution of the replacement tax revenues based on changes in assessed property values. Overall, the amendment aims to provide significant tax relief for certain property owners while ensuring that local governments can maintain their revenue streams.