The proposed constitutional amendment, set to be voted on during the general election in November 2026, aims to limit the annual growth of property taxes levied by political subdivisions in Nebraska. If approved, starting January 1, 2027, the total amount of property taxes that can be levied in any year would not exceed the previous year's total by more than a specified allowable growth percentage. This percentage is defined as the sum of two percent and the political subdivision's real growth percentage, which is calculated based on the increase in property valuation due to various factors such as new construction, improvements, annexation, and changes in property use.

The amendment also outlines the definitions of key terms, including "real growth percentage" and "real growth value," to provide clarity on how the allowable growth percentage is determined. The resolution mandates that the proposed amendment be presented to voters with specific ballot language that clearly states its purpose: to limit the annual growth in property taxes levied by political subdivisions. Voters will have the option to approve or reject this amendment during the election.