The proposed constitutional amendment aims to modify Article VIII of the Nebraska Constitution by introducing a limit on ad valorem taxes for real property and establishing new methods for property valuation. Specifically, it proposes that starting January 1, 2027, the maximum ad valorem tax on real property will not exceed one and one-half percent of its full cash value. The amendment also outlines various provisions regarding the taxation of different property types, including tangible personal property, motor vehicles, agricultural land, and livestock, while allowing the Legislature to create distinct classes for these properties and establish specific taxation methods. Additionally, it includes provisions for tax exemptions and adjustments based on age, disability, or natural disasters.

The amendment further stipulates that the tax proceeds from motor vehicles will be allocated to counties and their political subdivisions, and it sets accountability requirements for bonded indebtedness related to school and community college facilities. The proposed changes aim to ensure uniformity and proportionality in property taxation while providing specific exceptions and protections for certain property classes. The resolution mandates that the amendment be presented to Nebraska voters during the general election in November 2026, with a ballot that clearly states the purpose of the amendment.